Galileo International LLC, a travel industry company with operations in Rosemont, is laying off 500 employees worldwide, about 20 percent of its workforce, under cost cuts imposed by its new owner.

The cuts signal that Blackstone Group isn't wasting any time in remaking Travelport, the travel conglomerate it bought from Cendant Corp. for $4.3 billion in August. The private-equity fund later sold 14 percent of the entity to Technology Crossover Ventures.

"They are looking at cost cuts across the organization," said Henry Harteveldt, travel analyst with Forrester Research Inc., a Massachusetts-based market research firm.

Galileo operates one of the four major computer-reservation systems that airlines use to sell their inventory of seats, and travel agents employ to book trips for their customers.

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