Electronics Production |
Cisco lays off 6'500 staff worldwide
Cisco will reduce its global workforce across all functions by approximately 6'500 employees, which includes approximately 2'100 employees who elected to participate in a voluntary early retirement program.
This also includes a reduction totaling approximately 15% of vice president level and above employees. This represents a reduction of approximately 9% of Cisco's regular full-time workforce. All affected employees will receive severance pay and outplacement assistance.
Impacted employees in the United States, Canada and select countries will be notified during the first week of August. The remainder of the global workforce reductions are expected to occur at a later date in compliance with local laws and regulations.
As announced earlier, Cisco also agreed to sell its set-top box manufacturing facility in Juarez (Mexico) to EMS-provider Foxconn Technology Group. The approximately 5'000 people employed at the facility will become employees of Foxconn in the first quarter of fiscal 2012.
This figure is in addition to the approximately 6,500 employees impacted by workforce reduction mentioned above.
