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Ciena to Cut 10 Percent Of Jobs in Restructuring; Firm Says It Will Meet Earnings Forecast
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The Washington Post
- Article date:
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November 13, 2001
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Copyright informationCopyright 2001 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Ciena Corp. said yesterday that it will lay off 10 percent of its
workforce and consolidate manufacturing facilities.
The Maryland maker of fiber-optics equipment also said it took a
$1.7 billion charge tied to one of its recent acquisitions. But Wall
Street cheered yesterday after Ciena said it would meet analysts'
financial forecasts when it releases fourth-quarter earnings on Dec.
13.
The Linthicum-based company projected $5 million to $6 million in
restructuring charges in the first quarter of next year tied to the
layoffs, which affect 380 manufacturing workers, Ciena officials
said.
Maryland employees make up three-quarters of the cuts, Gary Smith,
Ciena's president and chief ...
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