Vecima Networks cutting 142 jobs in Saskatoon

Vecima Networks Inc. plans to cut 18 per cent of its workforce to reduce operating costs.

The technology firm, which is headquartered in Victoria, B.C., but conducts the majority of its operations in Saskatoon, said Tuesday it hopes the job cuts save the company $6 million in its fiscal 2012 year.

“We are determined to take advantage of the opportunity to generate sales growth from new products in which we have invested significant R &D resources over the course of years. At the same time, we must continue to ensure the company remains strong and executes a plan to return to operational profitability,” stated SuVecima Networks Inc. has laid off 142 workers at its Saskatoon plant — or 18 per cent of its workforce”

The layoffs, which are effective immediately and were announced Tuesday, drops Vecima’s number of employees to 647 from 789.

Surinder Kumar, chair and CEO of Vecima, says several factors played into the decision.

From: The Star Phoenix