"We have significantly strengthened our balance sheet to provide long-term financial flexibility by reducing debt $100 million over the last two years," says executive vice president and chief financial officer Lauralee Martin in a statement.
Standard & Poor's rates Jones Lang LaSalle's debt as BBB-.
The company last year decided to reduce its headcount by 9%, saving nearly $45 million a year in the process after taking a $40-million charge in the fourth quarter of 2001, most of it for severance payments. Earlier this year, Jones Lang LaSalle continued to exit the development business, while picking up high-profile corporate management assignments with firms such as Microsoft and Motorola, Inc.
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