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Technology Stocks : Nortel Networks (NT)
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To: Kenneth E. Phillipps who wrote (749)9/15/1998 3:50:00 PM
From: lib  Read Replies (1) of 14638
 
some news on the Canadian side:

TORONTO, Sept 15 (Reuters) - Telecommunications equipment manufacturer Northern
Telecom Ltd. (Toronto:NTL.TO - news) said on Tuesday it will take a provision in the third quarter to cover a plan to cut
3,500 jobs across the company's 80,000-strong global workforce.

''We're going to take a provision in accordance with Canadian GAAP (generally accepted accounting principles),'' said Nortel
spokesman Peter Janecek.

He said he could not comment on the amount of the provision.

This will be offset somewhat by a gain on the sale of Entrust Technologies Inc., the electronic communications security firm
specializing in encryption technology that was spun off by Nortel in August.

There may also be a gain on the $325 million sale of Advanced Power Systems to London-based Astec Plc (quote from Yahoo!
UK & Ireland: ATB.L), signed last month, but this depends on when the transaction closes, Janacek said.

Nortel, the sixth-largest telecommunications company in the world, on Monday confirmed a newspaper report that it will cut
about 3,500 jobs worldwide in a bid to shift its focus more toward Internet technologies.

The company earlier this month closed its acquisition of Internet technology firm Bay Networks for $9 billion.
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