Fergie's Tech Blog

Nortel to Slash 2,900 Jobs

Dan Jones writes on Light Reading:

Nortel Networks Ltd. said this morning that it plans to cut 2,900 jobs in the next two years as it aims to become a leaner company that focuses on high-growth markets such as next-generation CDMA wireless equipment and cuts back on older GSM cellular technology.

The Canadian networking vendor says it will cut 70 percent of the positions this year and the rest in 2008. The company also plans to move around 1,000 positions to "lower-cost" locations, Toronto-based Nortel said in a statement. The cuts, which represent around 8.5 percent of the workforce, could reduce expenses by as much as $400 million a year, the company said in a statement.

posted by Fergie @ 2/07/2007 10:25:00 AM