3Com slashes 13 percent of workforce
BOSTON -- 3Com Corp., citing the U.S. economic downturn and turmoil in the telecommunications industry, said Monday that it would cut 1,200 employees or about 13 percent of its staff.
The affected workers include full-time regular employees and contracted employees, the company said in a statement. The announcement is part of a global cost-reduction initiative first disclosed in December, said Bruce Claflin, 3Com president and chief executive officer, in a statement. The company will now focus its resources on work critical to "market leadership and superior financial returns," he said.
A spokesperson for the company could not be immediately reached for comment.
The company is expected to continue to focus on cost reductions in employment, discretionary costs, product costs and savings in plant/property and equipment, 3Com said. The company said in mid-January that it hoped the moves would bring cost savings of US$200 million to $225 million per year, after it takes a one-time charge of US$40 million to US$60 million in its fiscal third quarter ending Feb. 28. [See "3Com cuts jobs to reduce costs," Jan. 16].
3Com (COMS) shares traded up $0.25, or 2.77 percent, to $9.28 a share in morning trading Monday.
ITworld.com
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