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Electronics Production | October 06, 2006

Solectron to cut in Western Europe

Solectron has announced reductions in costs during the next twelve months.

Solectron is expected to cut 1,400 jobs and all in all consolidate approximately 700,000 square feet of facilities in Western Europe and North America. This will result in estimated restructuring and impairment charges in a range of $50 million to $60 million. Solectron also announced that fiscal fourth-quarter profit more than tripled. Quarterly income surged to $36.8 million, from $11.5 million, in the year-ago period. Quarterly revenue grew to $2.90 billion from $2.4 billion, above analysts' expectations of $2.71 billion. For the full fiscal year, net income ballooned to $133.2 million, from $3.4 million. Annual sales grew to $10.56 billion from $10.44 billion.
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