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Electronics Production | February 27, 2008

Nortel cuts 2100 jobs globally as loss widens

Canada based Networking giant Nortel Corp. presented Wednesday a widened loss and announced it will cut 2,100 jobs as part of a turnaround plan.

Nortel reported a net loss of $844 million, compared with a year-earlier net loss of $80 million. The latest results included a $1.04 billion charge from boosting the valuation allowance against Canadian deferred tax assets. Revenue fell 3.7% to $3.2 billion. Nortel had expected flat revenue. Nortel outlooks 2008 growth in the low single percentage digits. In order to turns this negative trend, Nortel plans to cut a further 2,100 positions representing about 6.2% of its global work force and move about 1,000 positions to higher growth and lower cost geographies. The plan also includes the sale of some real estate assets. About 70% of the charges are expected to be taken during 2008.
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