Tellabs Walks Away From Lucrative Tax Subsidies Because of Economic Downturn, SEIU Reports
Tuesday November 19, 11:45 am ET
CHICAGO, Nov. 19 /PRNewswire/ -- Tellabs Investor, a business news service providing in-depth coverage of Naperville, IL-based Tellabs, Inc. (Nasdaq: TLAB - News), published its third issue today. The service, developed and distributed by Local 1 of the Service Employees International Union, provides interested individuals with an information source totally independent of Tellabs.
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The current issue of the newsletter reports on Tellabs' recent decision to walk away from a potentially lucrative State of Illinois tax subsidy package. Tellabs had been promised the tax breaks in exchange for creating 2,300 jobs at its new $100 million corporate headquarters, but withdrew from the program in October because of the "current economic downturn in the telecommunications industry," according to a letter obtained by Tellabs Investor.
The third edition of Tellabs Investor is being faxed and e-mailed today to major Tellabs investors, market analysts, media outlets, individual shareholders, and business and government leaders throughout the United States. To receive a copy of the newsletter, please send your contact information via e-mail to tellabsinvestor@hotmail.com .
Tellabs is a telecommunications equipment manufacturer headquartered in Naperville, IL with 2001 sales of $2.2 billion.
With 1.5 million members, SEIU is the largest union in the AFL-CIO, and the largest union of building service workers in the United States. SEIU Local 1 represents approximately 36,000 building service workers in downtown Chicago, the Chicago suburbs, and Milwaukee.
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