Reynolds and Reynolds Co., one of the two largest vendors of dealership computer systems, says it will cut about 450 jobs or about 10.5 percent of its 4,300-employee work force.
The reduction is part of a three-year plan to increase revenues and productivity and cut costs to lower operating expenses by about $90 million. The job cuts will come through attrition, outsourcing and layoffs.
Reynolds reported net income of $28 million during its fiscal third quarter, which ended June 30. That is up 16.6 percent compared with the same quarter in fiscal 2005.
You may e-mail Ralph Kisiel at [email protected]