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The company said it "conducted a realignment of its work force based on current economic conditions and the outlook for 2009," according to a statement submitted to The Sun by a spokeswoman.
Kronos, which has some 3,300 employees worldwide, said approximately 250 jobs were affected in all.
It employs about 1,300 people in Chelmsford, making it among the community's top employers.
The company's products help human resource managers with such tasks as collecting attendance data and automatically posting it to payroll; and keeping track of factory production and labor hours. It also makes labor management analysis software and payroll processing applications.
In its most recent fiscal year, which ended in September, Kronos reported revenues of $715 million. Earnings before interest, tax, and amortization (EBITA) rose 20 percent to approximately $138 million.
Executives have long boasted that Kronos' products are in demand even when economic conditions are poor, reasoning that they help clients save money for labor. The company has customers in the health care, manufacturing, government, retail, and hospitality markets.
Kronos, which has run up impressive quarterly streaks for year-over-year revenue gains and profitability, was founded in 1977 by Executive Chairman Mark Ain as a maker
of time clocks. It was taken private for $1.8 billion in mid-2007 by Hellman & Friedman Capital Partners VI LP.
To see more of The Sun, or to subscribe to the newspaper, go to http://www.lowellsun.com. Copyright (c) 2009, The Sun, Lowell, Mass. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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