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Cisco cuts jobs and sells Mexican plant to Foxconn

Posted on Tuesday, July 19 2011 @ 22:44:27 CEST by


DailyTech reports Cisco has revealed that it will cut 6,500 jobs. Additionally, the firm also plans to sell its set-top box manufacturing plant in Mexico to Foxconn. No job losses are expected with the sale.
Cisco has announced that it will cut 6,500 workers and of that number, 2,100 will take voluntary early-retirement packages. This confirms the rumored layoffs from early this month. Out of the workers losing jobs, 15% are vice president and above employees. The total reduction of workers works out to 9% of the global workers Cisco has. Workers that will be laid off will be contacted the first week of August according to Cisco.

...

Reuters reports that along with the workforce reduction, Cisco has also announced that it is selling its set-top box manufacturing plant in Mexico to the Foxconn Technology Group. The Hon Hai Precision manufacturing part of Foxconn will use the factory. That sale will see another 5,000 workers off the Cisco books. Those workers at the plant will be transferred to Foxconn and no job losses are expected with the sale. The terms of the factory sale were not disclosed.



 



 

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