Agfa-Gevaert Reducing Workforce by 2,000

BRUSSELS, BELGIUM—Despite posting a 27 percent increase in group profits for the second quarter, Agfa-Gevaert said it would eliminate as many as 2,000 jobs—roughly 14 percent of its workforce—in a planned cost-cutting move.

Of the total, 945 employees at its plant here (25 percent of the workforce) would be let go. More than 600 other jobs will be cut in Europe, along with 430 in other parts of the world.

The cuts will reportedly save Agfa approximately 250 million Euro a year by 2008. More than 40 percent of that savings will come from its healthcare unit.