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17 Jun 2002
The Lucent spin-off is to reduce its workforce because of the downturn in the semiconductor industry.
Having already shed around 2000 people in April, the US-based optical components manufacturer will now have slashed almost a third of its workforce since it separated from Lucent Technologies in March this year.
Agere is also looking for a buyer for its manufacturing plant in Madrid, which it plans to close at the end of the year, and is planning to rationalize production at four under-utilized facilities in the US.
The company hopes that these actions will lead to annualized pre-tax savings of $520 million. "We built our business to serve a growing market, which is instead deteriorating," said John Dickson, president and chief executive officer of Agere Systems. "While we deeply regret the impact of these actions on our employees, we must focus on creating an appropriate cost and expense structure, while continuing to invest strategically for the future."
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