Invensys to lay off 5000 workers

Invensys to lay off 5000 workers

Invensys yesterday became the latest company to join the "tech wreck," saying it will lay off more than 5000 workers. The London-based software, control and power-systems company blamed deteriorating economic conditions in the US for a downturn in sales and profitability.

Invensys bought ailing business applications vendor Baan last August and won users' praise by pledging to beef up Baan's customer relationship management software products.

In a statement, Invensys said, "In software systems, profitability is starting to recover from a difficult first half. Baan is trading profitably, as costs have been reduced and licence revenues have improved." Nevertheless, it noted that the "telecommunications/information technology sector is currently undergoing a slowdown".

Despite the belt-tightening, Invensys said it "will continue to invest in high-growth opportunities, especially those which strengthen our ability to provide customers with systems and service solutions."

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