Qualcomm Brazil Unit Fires 20% of Staff Due to Sale, Folha Says
quote.bloomberg.com
By Michael Smith
Rio de Janeiro, May 1 (Bloomberg) -- Qualcomm Inc.'s Brazilian unit Vesper SA, the country's fourth-largest telephone company, fired 20 percent of its workers after deciding to sell the company, Folha de S. Paulo reported.
Vesper, which offers data and voice services in 17 Brazilian states, cut 240 of 1,200 employees yesterday and will shut down if it can't find a buyer, the newspaper's online edition reported, without citing any sources.
San Diego-based wireless phone company Qualcomm on April 23 said it will sell its 86 percent stake in Vesper after Brazil's telecommunications regulators denied a request to use the same frequency for mobile and fixed-line services. Vesper invested $2.5 billion in Brazil and expected to cut costs by using its fixed-line network for wireless services this year.
(5/1 wwww1.folha.uol.com.br)
Last Updated: May 1, 2003 11:20 EDT |
