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IN BRIEF / Technology

Motorola to Cut 7,000 Jobs, Incur $3.5 Billion

June 28, 2002|Bloomberg News

Motorola Inc. will eliminate 7,000 jobs and incur $3.5 billion in reorganization costs, ensuring a second straight annual net loss at the world's No. 2 maker of mobile telephones.

The reductions will amount to 7% of the work force and shrink Motorola to its size of the mid- 1990s, "the era prior to the excesses of the telecom and dot-com booms," Chief Executive Christopher Galvin said.

Galvin has vowed to return Motorola to profitability this year, excluding severance and other costs.

Shares rose 41 cents to $14.45 on the New York Stock Exchange

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