French technology group Technicolor, formerly known as Thomson, is reorganising its Grass Valley division and plans to cut 625 jobs worldwide at the broadcast and TV/film equipment unit it is seeking to sell.

Technicolor said in a statement that the reorganisation plan would enable Grass Valley “to adapt to a strongly deteriorated business climate” caused by declining broadcaster budgets and lower spending on advertising.

Grass Valley’s revenues have fallen 31 per cent since the end of 2008, and it made a loss before tax, net finance costs and impairment charges of E87 million in 2009. The planned job cuts represent a quarter of Grass Valley’s headcount.

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