Sanoma Magazines Belgium has today presented a savings plan to the works council of the company. During the following weeks, they will discuss together the plan, which includes the intention to suppress 69 employees. The annual savings target is some EUR 12 million. According to the plan, the savings will be reached from 2010 onwards.
Sanoma Magazines Belgium, like most players in the Belgium market, has been hit hard by the advertising market decrease caused by the economical crisis. According to CEO Aimé Van Hecke, the situation has accelerated the structural changes in the media market and has led the company to rethink its future operations. The new strategy can be implemented only through substantial structural changes which will unfortunately also lead to personnel reductions. Sanoma Magazines Belgium's greatest strengths lay in its portfolio of strong brands, high quality of its magazines and its strong relationship with its readers. Therefore the savings will be mostly targeted to support functions.
Sanoma Magazines Belgium is part of the magazine division of the Sanoma Group.