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

To: Stock Farmer who wrote (63080)	2/12/2003 10:26:11 AM
From: RetiredNow	Respond to of 77400

Cisco Lays Off Most Of Its Staff At Maple Grove, MN Plant DOW JONES NEWSWIRES MAPLE GROVE, Minn. (AP)--Cisco Systems Inc. (CSCO) laid off 50 of its 65 employees here as the company appeared to give up on a $450 million bet it made on Minnesota. Cisco, based in San Jose, Calif., bought Maple Grove-based NuSpeed Internet Systems Inc. in 2000 at the height of the Internet boom. NuSpeed founders, Mark Cree and Clint Jurgens, each received $75 million worth of Cisco stock when they sold the company for $450 million. They both left the company last week. At the time of the sale, NuSpeed had yet to ship its first product, a router that links corporate storage area networks with the Internet. Cisco pledged to make Minnesota a hub for its storage networking operations, but NuSpeed never met the expectations of its founders or Cisco. Employment peaked at 65, far from the 200 to 300 that Cree had predicted at the time of the sale. Cisco described the layoffs as part of a corporate strategy to focus on profitable products. A spokeswoman said the remaining Maple Grove employees would focus on enhancing the NuSpeed product. Adoption of NuSpeed's technology was slow and analysts said Cisco's enthusiasm waned after it paid $2.5 billion for San Jose-based Andiamo Systems, also a maker of storage networking products. Updated February 11, 2003 8:05 a.m. EST