Cisco to Slash 15 Percent of Workforce, Sell Factory to Foxconn
Cisco to Slash 15 Percent of Workforce, Sell Factory to Foxconn
Posted 07/19/2011 at 6:09am
| by Paul Lilly
5
Comments
Print
Thousands of soon-to-be former Cisco employees will have reason to sing the summertime blues as the networking specialist gets ready to cut 15 percent of its workforce. Along with selling a manufacturing facility, the cost cutting moves are intended to save the company in the neighborhood of $1 billion and turn around its financial future.
According to Reuters, the massive job cut runs deeper than most financial experts were expecting. Cisco on Monday said it's handing out pink slips across its global workforce across all functions, eliminating 6,500 jobs in all, including 2,100 employees who took Cisco up on its offer of voluntary early retirement.
Cisco also announced an agreement to sell its set-top box manufacturing facility in Juarez, Mexico to Foxconn, makers of the iPhone and other high profile electronic devices. The facility employs around 5,000 people, all of which will become employees of Foxconn once the sale is complete.
More like this
5
Comments
Comments are closed on this article
Phrish
July 19, 2011 at 8:57am
I read story after story after story here about how companies are slashing their workforces, how thousands of people will be out of work, etc.
How 'bout reporting on companies that are growing and doing lots of hiring? Do they exist at all these days, or is the world coming to and end like you would have us believe?
J.Durden
July 19, 2011 at 8:21am
Between China & Taiwan they will own everything in America. Why do these companies think its OK to sell America to Asia? Its a shame, China is laughing at the US. Why dont we just give the leadership to those people.
ddimick
July 19, 2011 at 8:26am
I hate to interrupt your soapboxing, but this is a factory located in Mexico. You also don't appear to understand the difference between Taiwan and China.
J.Durden
July 19, 2011 at 10:08am
Are you that thickheaded that you don't see what China is doing? They are buying up everything American to own us & we are letting them. But I guess you are sooo smart you can't see that.
We have 60-70% dropout rate in the inter-city schools, what will these kids do to support themselves. Years ago you could drop out & learn a trade. But with Asia & Mexico taking all skilled trade jobs, they will live off the government, which it's now going broke. So instead of calling names & pushing options aside, why don't you open you eyes, look around. There is no America Dream anymore!
Connect with MaximumPC
Featured Content
The gang discusses the GTX 690, Trinity, Ivy Bridge, Amazon, big-box stores, MMOs,...
This month's issue
Feature
Build a PC On Any Budget
Feature
Cloud Services Showdown
How-To
Encrypt Your External Drive
Build It
Upgrade an X58 Rig
Most Commented Articles
Latest Max PC Tweets
- maximumpc: Original RickRoll Video Returns to YouTube After 24-Hour Copyright Hiatus http://t.co/MaH9Sxyy1 day 5 hours ago
- maximumpc: Corsair has decided not to go forward with its $78 million IPO, citing weak equity market conditions http://t.co/A5a4DAzj1 day 5 hours ago
- maximumpc: Want to work at Maximum PC? Our Online Managing Editor, Alex, is moving away, so we need a new one. http://t.co/9Z7JCh0E3 days 3 hours ago
