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Gemalto: redundancies made, but forecasts maintained.

(CercleFinance.com) - The Gemalto share is up slightly this morning in a falling Amsterdam stockmarket, the day after the group announced several hundred redundancies in France.

The smart card and digital security specialist presented the staff representative bodies with a project for the restructuring of its activities in France that is intended to safeguard its competitiveness.

Indeed Gemalto has made a string of profit warnings this year, while the demand for and prices of SIM card products for mobile phones and bank cards, the group's two historic markets, are in "sharp decline". It has already implemented savings measures, but management now deems that additional steps are necessary by management.

As a result, the group is now considering making 288 redundancies at the three French sites of Gémenos and La Ciotat, in the Bouches-du-Rhône, and Meudon in Hauts-de-Seine. This represents around one-tenth of Gemalto's total workforce in France.

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