Motorola to Lay Off 2,600 More Employees
Cutbacks Result In $104 Million Charge For First Quarter
By Todd Spangler -- Multichannel News, 4/3/2008 10:41:00 AM
Motorola, which is in the process of splitting off its money-losing mobile devices business, will lay off 2,600 employees, resulting in a $104 million charge for the first quarter, the company disclosed in a regulatory filing Thursday.
The company said the cutbacks affect all three of its business segments—Mobile Devices; Home & Networks Mobility, which includes the cable products; and Enterprise Mobility Solutions—as well as various corporate functions.
The charge comprises $113 million in severance costs, partially offset by $9 million of reversals for accruals from prior periods that are no longer needed, Motorola said.
Motorola last week announced plans to separate its businesses into two independent companies, a process it anticipates being completed in early 2009.
Last year Motorola cut 7,500 jobs, about 11% of it 66,000 employees at the end of 2006.
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