Crompton Greaves to reduce workforce at Belgium unit

Crompton Greaves is likely to cut employee strength of its Belgium operations. About 260 of the 730 employees there are expected to be affected. For competitive and sustainable operations, it has decided to optimize its Belgium operations.

The company’s transformer market in Western Europe is facing over capacity and pricing pressure. It will also evaluate all prospects to improve the viability of its various businesses.

The company’s net profit for the fourth quarter ended March 31, 2012 fell by 37.11% of Rs 136.87 crore as compared to Rs 217.64 crore for the quarter ended March 31, 2011. However, total income has increased by 8.76% to Rs 1945.04 crore for the quarter under review from Rs 1788.44 crore for the corresponding quarter of the previous year.