Flextronics to cut jobs, close facilities
Flextronics International Ltd, the Singapore-based contract electronics manufacturer, said on Tuesday it is cutting jobs and closing facilities to cope with a weaker global economy.
The company expects to save between $230 million and $260 million a year through a restructuring plan that will reduce the workforce and reduce operating costs. It expects to recognize between $220 million and $250 million in pretax restructuring and impairment costs over the course of fiscal years 2009 and 2010.
About $190 million to $210 million of the costs are due to be recorded in its fiscal year ending March 31, with a significant portion of the restructuring costs coming from employee benefit and severance arrangements.
Flextronics signaled in January it might cut jobs due to a slowdown in the global economy. Its customers include Cisco Systems Inc, Sony Ericsson and Nortel Networks, which has filed for bankruptcy protection.
Flextronics International Ltd, the Singapore-based contract electronics manufacturer, said on Tuesday it is cutting jobs and closing facilities to cope with a weaker global economy.
The company expects to save between $230 million and $260 million a year through a restructuring plan that will reduce the workforce and reduce operating costs. It expects to recognize between $220 million and $250 million in pretax restructuring and impairment costs over the course of fiscal years 2009 and 2010.
About $190 million to $210 million of the costs are due to be recorded in its fiscal year ending March 31, with a significant portion of the restructuring costs coming from employee benefit and severance arrangements.
Flextronics signaled in January it might cut jobs due to a slowdown in the global economy. Its customers include Cisco Systems Inc, Sony Ericsson and Nortel Networks, which has filed for bankruptcy protection.
