Monday, May 2, 2005
Solectron Corp., a provider of electronics manufacturing and integrated supply chain services, said that it plans to reduce its workforce by 3,500 employees.
Most of the cuts are expected to take place in non-U.S. locations, and will consolidate approximately 850,000 square feet of facilities in Europe and North America.
The restructuring will result in charges estimated between $100 to $115 million, of which approximately 90 percent will be cash expenditures.
"These are difficult but necessary actions as we continue to refine our cost structure. By adjusting our capacities and strengthening our position in low cost geographies we will improve our financial performance," said Mike Cannon, president and chief executive officer of Solectron (Milpitas, Calif.), in a statement.
By: DocMemory
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