Cisco to cut workforce by 11,500 in 2011
Posted On Monday, July 18, 2011 at at 11:05 PM by PradeepThe company also plans to sell its manufacturing facility in 
Juarez, Mexico , to Foxconn and transfer 5,000 employees to the contract manufacturing company as part of the deal.
Cisco Systems plans to cut its workforce by 11,500 employees as part of its plan to cut annual expenses by $1 billion and revive its business.Juarez, Mexico , to Foxconn and transfer 5,000 employees to the contract manufacturing company as part of the deal.Cisco said on Monday that it would cut 6,500 employees. Of those, 2,100 employees will take early retirement.
Analysts had predicted thousands of job cuts after Cisco said in May that it planned to reorganize the company which has been losing ground in the network equipment business. The company announced more cuts than some analysts expected.
The job cuts will result in pre-tax restructuring charges "not expected to exceed $1.3 billion over several quarters," the company said.
http://in.finance.yahoo.com/news/Cisco-cut-workforce-11-500-reuters-2235746696.html
RedFish Censors