August 16, 2001 |
Corning Inc., stung by a slowdown in the telecommunications industry, is cutting about 900 jobs in its optical-fiber cable division on top of the 5,900 jobs it cut in various divisions earlier this year. The company said 450 jobs will be eliminated immediately at Corning Cable Systems plants in North Carolina, Texas and Missouri as well as in Mexico, Puerto Rico and the Dominican Republic.
July 25, 2001 |
Ailing communications equipment maker Lucent Technologies Inc. on Tuesday posted a stunning $3.25-billion third-quarter loss and said it expects to cut up to 20,000 more jobs from its payroll. The Murray Hill, N.J., company, pressing for its operations to become profitable next year, also said it will eliminate its quarterly dividend, saving $272 million a year, and postpone by up to six months the planned spinoff of its semiconductor and optical components division.
July 13, 2001 |
Motorola Inc.'s push to cut costs and dig out of a deep slump claimed 4,000 more jobs Thursday while also providing investors with new hope that its ailing cellular phone business may be edging toward recovery. The telecommunications giant's stock leaped 15% to a five-month high despite its warning that it is headed for a third straight money-losing quarter on top of the $232-million operating loss it reported Wednesday.
June 2, 2001 |
French telecom equipment giant Alcatel, fresh off the collapse of merger talks with Lucent Technologies Inc., said it will cut 5.6% of its U.S. work force, or 905 jobs, and close three U.S. facilities because of tough business conditions in its largest single market. The company plans to close laboratories in Milpitas, Calif., and Andover, Mass., that develop products for phone company networks, cutting 300 jobs and 125 jobs, respectively. A plant in Portland, Ore.
May 23, 2001 |
MTI Technology Corp., an Anaheim developer of data-storage products, said Tuesday that it dismissed 86 employees, or 13% of its work force, to reduce overhead as it posted a fiscal fourth-quarter net loss of $20.6 million. The company said the layoffs resulted in a one-time restructuring charge of about $600,000 for severance and related expenses. The loss, amounting to 64 cents a share, contrasts with earnings of $14.2 million, or 41 cents a share, for last year's final three months.
May 22, 2001 |
Applied Signal Technology Inc. slashed its revenue forecast and said it eliminated 130 jobs, or 25% of its work force, to cut costs. The maker of equipment used to listen in on communications signals said its revenue for fiscal 2001 could be 25% to 35% lower than the year-earlier period because customers have delayed awarding some contracts it expected to receive.