Alcatel-Lucent to cut 5,000 jobs
26 July 2012
The telecommunications equipment giant has announced major restructuring as it aims to cut costs by £968million.
Alcatel-Lucent has announced it will reduce its global workforce of 78,000 by 6.4%. No details of where the job cuts would occur but Ben Verwaayen, Chief Executive, said the cuts would be global but would not include research and development staff.
Since Verwaayen has been at the helm, the company has reached its first annual profit since the merger of Alcatel SA and Lucent Technologies in 2006. But the firm‘s shares have dropped nearly 25% this year to reach their lowest point ever, while the European technology index has risen 4.1.
Verwaayen says: "This is a very difficult market to call… we think the second half will be better than the first.The market conditions are pretty tough and we don’t think the market will improve anytime soon."
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