Thursday, September 30, 2004


What da F$%# ???

"Nortel plans to lay off 3,250 employees" -Brampton, Ontario, company also will eliminate about 650 positions in the Europe, Middle East and Africa region and 250 elsewhere in the world

The disclosures came in a regular biweekly filing to the Ontario Securities Commission.

The work plan is expected to deliver cost savings of about $500 million in 2005 and greater savings in subsequent years, according to the filing. But it will also bring charges to Nortel's income statements of about $220 million for layoffs and $230 million for real estate. About 35 percent of those charges should be incurred in 2004 and the remainder in 2005, according to the company statement.

1,400 employees in the U.S. and about 950 in Canada, with those employees to be notified by the end of June 2005,


No comments: