Eutelsat to pursue laying-off 10 per cent of its workforce in second round of cutting expenses

by | Nov 13, 2019 | Finance, Seradata News

Fixed Satellite Services (FSS) operator Eutelsat S.A. has begun to implement its cost-saving “LEAP 2” programme, which was announced in July. The update came in the company’s Q1 earnings report for 2019-20. The previous LEAP programme, conducted over last three years, managed to enact EUR€32 million of cuts to operating expenses – over its initial target of EUR€30 million. The “LEAP 2” initiative is aiming to achieve EUR€20-25 million in savings.

The primary way the company intends to achieve these savings is through lay-offs of about  100 employees (outside of France). This amounts to 10 per cent of the total workforce. Alongside this measure, the company will be implementing a hiring freeze in its “legacy businesses” and certain austerity measures for employees within France.

These measures come as the company is assessing whether its recently launched EUTELSAT 5 WEST B satellite – along with its revenue generating EGNOS payload – will be salvageable following solar array deployment issues. Luckily for the company the satellite is covered by a full loss, Launch + one year insurance policy valued at EUR€173 million. Read more about this here.

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