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BOSTON French holding company Havas on Thursday said that it will sell or close 20 of its businesses and lay off 850 employees as part of a broad restructuring plan. The moves follow a dismal first-half performance.
Havas’ revenue for the first half dipped about 20 percent (8 percent on a constant currency basis) to $945 million, down from nearly $1.2 billion for the same period in 2002.
Operating profit plunged 41 percent to $77 million in the first half.
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