By Suzanna Kerridge, 25 July 2001 17:04
NEWS Troubled Dutch software company Baan will be unaffected by the planned job cuts within its parent company, Invensys. Invensys claimed it is now necessary to shed a further 2,500 redundancies on top of the 3,500 already planned, blaming the downturn in the US economy. The company has predicted first half profitS will be about 30 per cent lower than initial expectations, and 20 per cent below market predictions. A spokesman for Invensys said: "I cannot offer a 100 per cent guarantee but it is highly unlikely [that there will be redundancies at Baan]. There were initial lay-offs when we first took over the company but since then we have been taking on people. Baan is trading profitably." However, he refused to be drawn on exact figures claiming guidance might be given in the Invensys interim results due out on 15 November. Invensys CEO Allen Yurko will be one of the employees to go in the network software vendor's latest job cull. In a prepared statement, Yurko said he is going to retire, although he claimed not to have any specific plans as to how he will spend his newfound leisure time. His replacement, Rick Haythornwaite, comes to the company from Blue Circle Industries where he is credited with turning the company around and selling it at a good price.
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