Alcatel Optronics to cut two-thirds of jobs by end 2003

ITworld.com –

Third-quarter revenue at Alcatel SA's Optronics division could fall as much as 50 percent compared to the previous quarter, the company warned Tuesday, announcing further cost cutting measures for the unit.

Blaming "continuing recession and persistent inventories at the customers' level," Alcatel said it would cut jobs at the unit that makes components for optical fiber networks to reach about 1,000 staff by the end of the year and under 500 at the end of 2003. The division currently employs 1,550 people, Alcatel said in a statement.

In July, Alcatel Optronics reported second quarter results with sales down by 83 percent compared to the same period last year to

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