Canadian telecom giant Nortel Networks which operates four plants in Ireland has announced further job cuts and predicted a third quarter net loss from continuing operations of approximately $910 million after taxes.
A Nortel spokeswoman said an additional 10,000 Nortel jobs would be cut and another 10,000 would come off the firm's total workforce when it divests certain businesses.
Nortel, which announced the latest cuts after markets closed, will notify the employees affected by October 31st.
Earlier this year, Nortel cut 30,000 positions.
The Company expects an after-tax net loss of approximately $3.6 billion in the quarter when including incremental charges of some $1.3 billion.
In a separate deal in Paris, Nortel said a controlling interest in its distribution and telecom service subsidiary Matra Nortel Communications Distribution was transferred to the European telecom firm Spie.
AFP