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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: bambs who wrote (52059)	4/23/2001 10:58:09 AM
From: elmatador	Read Replies (1) \| Respond to of 77397

CSCO shrinks After Monterey, CSCO continues to return to its natural sized: Cisco Israel to close down HyNEX, lay off 100 staff By Neal Sandler, Total Telecom, in Jerusalem 23 April 2001 Cisco Israel has confirmed it is to close down HyNEX, an Israeli start-up bought by the U.S. networking giant last June, and lay off all 50 staff. A company spokesman said Cisco had decided to close down the unit as it now believed that the ATM wireless field would not grow as fast as was initially believed when the start-up was acquired. Cisco Israel added that its total job cuts would amount to 100 as part of a reorganization of operations. Cisco acquired HyNEX from Elbit Ltd. for $135 million in cash and stock. The Shefayim-based firm develops and markets products for voice and data over public ATM networks. HyNEX was one of five acquisitions by Cisco in Israel during 2000. Nortel Networks and Lucent Technologies have also been trimming back their Israeli operations in recent weeks as a result of the downturn in the global telecommunications market.