By Nektaria Stamouli
ATHENS--Greece's Hellenic Telecommunications Organization
(HLTOY) said Monday around 1,500 workers took part in its voluntary
redundancy plan, enabling the company to reduce operating costs
significantly and improve its competitiveness.
German telecommunications company Deutsche Telekom AG (DTEGY)
holds a 40% stake in Hellenic Telecommunications Organization, also
known as OTE.
The company estimates that its costs will be reduced by 80
million euros ($104.5 million) annually.
Since the beginning of January, "the number of OTE employees has
been increased significantly--exceeding the goal set--as 1,516
people accepted the incentives offered by the company," the company
said in a statement.
Last October, Deutsche Telecom's Europe Head Claudia Nemat said
that selling its major stake in the Greek company isn't up for
discussion. "OTE is profitable and gaining more customers," she
said.
Write to Nektaria Stamouli at nektaria.stamouli@dowjones.com