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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: TH	9/28/2004 10:43:58 AM
	of 116555

Motorola to Cut 1,000 Jobs NEW YORK (Reuters) - Telecommunications equipment maker Motorola Inc. (NYSE:MOT - news) said on Tuesday that it would cut 1,000 jobs and take related charges of about $50 million to focus on its wireless business. The company said it would pay the severance benefits beginning in the third quarter and through to the first quarter of next year. For the third quarter, it also said it would have $80 million in costs related to early debt repayments. It said the job cuts, amounting to just over 1 percent of its work force, would come in the government, industrial, broadband and electronics systems units. Motorola is focusing on its wireless business. The company said some of the cuts are related to the spin-off of its semiconductor business, now known as Freescale Semiconductor Inc. (NYSE:FSL - news). It said it expects more costs related to the spin-off in the third quarter but did not give details. Motorola shares were up 20 cents, or more than 1 percent, at $17.71 in morning trade on the New York Stock Exchange (news - web sites). story.news.yahoo.com

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