Nortel Plans to Cut Jobs as Part of Restructuring Effort

8:50 am on June 28, 2006 | Category: Business, Corporate

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Canadian telecom equipment maker, Nortel Networks, announced yesterday that it plans to cut 1100 jobs in an effort to improve operating margins.

The company’s pension plan will also be reviewed for possible cutbacks, as Nortel seeks to reduce its annual costs by $100 million by 2008. To achieve this goal, about $100 million will be spent in restructuring costs over the next two years.

In total, about 1900 positions are expected to be cut over the next two years and 800 new ones will be created.

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