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BUCHAREST (Romania), October 3 (SeeNews) - UK-based technology company Frontier Smart Technologies Group said on Thursday that it has decided to close its operations in Romania in order to cut costs and mitigate a downturn in revenue.
"After detailed consideration, Frontier has concluded that it is necessary to close its operations in Romania. It is expected that the closure will be substantially completed by the end of the year and doing so is expected to reduce the Group’s cost base in 2020 by around $2 million (1.8 million euro)," Frontier Smart Technologies Group said in a notice to investors posted on its website.
Following the closure, the group’s audio engineering resources will henceforth be centered in the UK.
A plan to manage a transfer of specific skills and expertise to the Cambridge team has been prepared and will be enacted in due course, it added.
Frontier Smart Technologies Group is focused on solutions for digital radio, smart audio and smart home devices. Headquartered in London, Frontier has 130 employees, with engineering, sales, marketing and operations teams in Cambridge, Timisoara in Romania, Hong Kong and Shenzhen.