Cisco Systems, Inc., intends to cut 6,500 jobs companywide as part of efforts to lower costs. The layoffs are about 9% of its total workforce of about 70,700 as of Dec. 31, 2010.
Cisco is also selling its set-top box manufacturing facility in Juarez, Mexico, to Foxconn Technology Group. The 5,000 employees at the Juarez facility will also be transferred to Foxconn.
Cisco Systems' sales have stagnated the past few quarters. CEO John Chambers has recently said he is willing to take "bold steps" and narrow the company's focus in order to restart stagnating sales.
Cisco Systems, Inc. designs, manufactures, and sells Internet protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides a line of products for transporting data, voice, and video within buildings.
Information is provided by the Plant Prospector. For more information on the product, follow this link http://bankrupt.com/periodicals/pp.html.
The Plant Prospector is a weekly e-mail service that identifies national, regional, and local plants and businesses in transition through layoffs, closings, and work force reductions. A reduction in the number of employees is an indication of a current or imminent change in the operations of an enterprise and is invaluable in identifying companies including private firms, small public companies, and subsidiaries of major corporations that are in flux. Plant Prospector is an ideal prospecting tool for firms that provide services to businesses in transition, such as temporary employment agencies and outplacement firms, and for companies whose business may be affected by change, such as suppliers, professional firms, and insurance companies.
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