Flextronics to layoff 5,261 workers
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Manufacturing News, Source : TheManufacturer.com
Published : 14 Aug 2002 21:50
Flextronics International, Ltd, a contract manufacturer, announced that it will cut another 5,261 jobs in accordance with a company overhaul, the company said during a filing with US regulators last week.
This is due to a severe slowdown in contract manufacturing. Flextronics shares have fallen 68% year to date.
The latest report of layoffs is just one of a series for the Singapore-based company. According to a quarterly report filed with the US Securities and Exchange Commission, it had terminated 856 jobs as of the end of June and had notified 4,405 other employees that their positions were terminated following certain factory closures and consolidations. The company will have spent $76.9 million in employee termination costs for the June quarter.
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