Slot machine manufacturing giant IGT is laying off 700 workers globally, about 10 percent of the company’s workforce, the company’s top executive announced Monday.
In a letter distributed to employees Monday, CEO Hector Fernandez said the reduction “is required to align resources with business priorities and streamline operations, ensuring we are best-positioned for future growth. ”
The company would not disclose how many of the layoffs affect workers in Nevada and Las Vegas, the company’s new corporate headquarters after New York-based Apollo Global Management Inc. acquired it from an Italian lottery group, Gtech Holdings, in July for $6.3 billion.
“When we met in December for our first companywide town hall since I started as incoming CEO, I said we would move quickly to evaluate our business and make decisions to strengthen it,” Fernandez said in his letter.
