Los Angeles  - Walt Disney Company said Wednesday that it had offered severance packages to about 600 executives at its theme parks and resorts in the US in a bid to cut costs in the economic downturn.

Disney said the voluntary separation plan was made to managers earning 100,000 dollars or more per year in an effort "to contain costs and maximize efficiency."

"Given the continued uncertainty of the economic environment, we must manage our business even more productively," Walt Disney Parks and Resorts spokeswoman Leslie Goodman said in a statement.

The move sent Disney shares 5 per cent higher to 21.23 dollars in after-hours trading. (dpa)