Jones Lang LaSalle Incorporated, the leading global real estate services and investment management firm, announced today actions to reduce its workforce by approximately 300 positions, or four percent.
'As I stated in our third quarter earnings announcement, we are committed to positioning the firm for earnings growth in 2003,' said Chris Peacock, President and Chief Executive Officer of Jones Lang LaSalle. 'This reduction in workforce is a prudent measure in response to continued economic weakness in key global markets. We have made these decisions carefully with a balance to keep the firm financially strong, maintain our leadership market positions, and deliver the levels of client service for which we are known.'
The severance charges together with an additional impairment charge of $1 million for a discontinued land investment will result in a total pre-tax charge in the range of approximately $12.5 million in the fourth quarter of 2002. The firm continues to expect ongoing earnings excluding these charges to be at the low end of its earnings guidance of $1.00 to $1.20 and including the charges to report GAAP earnings per diluted share of between $.75 and $.85 for 2002. In addition, the firm reiterated that it expected to pay down its debt by more than $20 million.
(source: Jones Lang LaSalle)