Agfa to Cut 2,000 Jobs

Despite posting a 27 percent increase in profits for the second quarter, Agfa-Gevaert said it would eliminate as many as 2,000 jobs—roughly 14 percent of its workforce—to further cut costs.

Of the total, 945 employees at its Brussels plant (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 $320 million a year by 2008. More than 40 percent of that savings will come from its health care unit.