Electronics Production |
Solectron axe 3500
Solectron will reduce the workforce by approximately 3500 employees, the majority of which are in non-U.S. locations, and will consolidate approximately 850,000 square feet of facilities in Europe and North America.
Solectron Corporation today announced a restructuring plan that will result in charges estimated between $100 to $115 million, of which approximately 90 percent will be cash expenditures.
The company said that it estimates the restructuring plan will be completed by the end of the third fiscal quarter of 2006. These actions will reduce the workforce by approximately 3,500 employees, the majority of which are in non-U.S. locations, and will consolidate approximately 850,000 square feet of facilities in Europe and North America.
"These are difficult but necessary actions as we continue to refine our cost structure. By adjusting our capacities and strengthening our position in low cost geographies we will improve our financial performance," said Mike Cannon, president and chief executive officer.
