CHRONOLOGY-Lucent's job cuts this year
CHICAGO, July 24 (Reuters) - Struggling telecommunications equipment
giant Lucent Technologies Inc. (NYSE:LU - news) on Tuesday said it would cut another 15,000 to
20,000 jobs from its work force as part of an effort to become profitable again.
Following is a brief history of the job cuts the Murray Hill,
New Jersey-based company has made so far this year.
Jan. 24 - Lucent announces a $1 billion first-quarter operating
loss and a seven-point restructuring plan that includes a target
of 10,000 job cuts.
April 24 - The Murray Hill, New Jersey-based company posts
a $3.7 billion second-quarter loss, that includes restructuring
costs of $2.7 billion. The company says it has cut 2,000 of
the targeted 10,000 jobs.
June 5 - Lucent Chairman and CEO Henry Schacht says at a
trade show in Atlanta the company is speeding up its turnaround efforts after the collapse of merger talks
with France's Alcatel . He says the restructuring will include further cost reductions, product cuts and
additional potential plant sales, while sources add early retirement packages will also be part of the plan.
June 6 - Lucent says it will offer early retirement packages to more than 10,000 employees as part of its
effort to cut costs and speed its restructuring.
July 12 - Lucent says more than 8,500 of the 10,000-plus employees accept the voluntary retirement
offer. The company says further layoffs are planned.
July 24 - Lucent announces a $1.89 billion third-quarter loss, and says it will cut another 15,000 to 20,000
jobs on top of the 10,000 cuts it completed.
It also says it will cut 12,000 other jobs by selling its fiber-optic cable unit to Japan's Furukawa Electric
Co. Ltd. and Corning Inc. (NYSE:GLW - news) , and shift two plants to electronics contract
manufacturer Celestica Inc. (NYSE:CLS - news)(Toronto:CLS.TO - news).
All the cuts, when finished, will leave Lucent at 54,500 to 59,500 employees, little more than half the
106,000 people it had at the start of the year. |
