E-Paper
Canada’s Nortel to slash 3,200 more jobs, globally
Global telecom infrastructure entity Nortel will bring down its headcount by another 3,200 employees in the coming months.
Global telecom infrastructure entity Nortel will bring down its headcount by another 3,200 employees in the coming months.
The job cuts are in addition to 1,800 layoffs announced by the firm earlier.
“Nortel intends to reduce its workforce by an additional net 3,200 positions worldwide. The company expects to carry out these reductions over the next several months.
“These new reductions are incremental to the 1,800 remaining reductions from previously announced plans that require completion,” it said in a statement on Wednesday.
Nortel which has significant business presence in India, in January said that its American units, including Nortel Networks Inc and Nortel Networks Capital Corporation, have filed voluntary petitions in the US under Chapter 11 for bankruptcy protection.
Meanwhile, the company would not be paying any bonuses under its annual incentive plan for 2008.
”with the unprecedented economic environment and resultant impacts on revenues, significant changes are required to regain our financial footing.
“Tough decisions are being made to restructure the company and work towards a successful emergence from creditor protection,” Nortel president and CEO Mike Zafirovski said.
