Dec. 6, 2001 – Allentown, PA – Agere Systems Inc. is set for another round of job cuts, targeting roughly 950 employees, as it continues to battle a sharp downturn in semiconductor demand.
Earlier this year, Agere said it would lay off about 6,000 workers, reported Dow Jones and Company.
The latest job cuts will mainly affect management-level workers located in New Jersey and Pennsylvania. The move is expected to trim Agere’s work force to roughly 11,300 employees.
“This has been an extremely difficult year for our customers, our business, and our people,” John Dickson, Agere’s president and CEO said.
In June, Agere said it planned to cut up to 4,000 jobs and incur asset impairment charges of up to $900 million in a restructuring effort designed to save the company $520 million annually. Those cuts were in addition to the 2,000 jobs the company had already eliminated in April.
Agere, which went public in late March as a spinoff of Lucent Technologies Inc., expects those earlier job cuts to be completed this month.
The company closed its plant in Madrid in November, a month ahead of schedule, and expects to complete its sale of the plant to BP PLC over the next few months.