3Com Reduces Costs in Company-Wide Effort to Drive Profitability and Growth; Company Announces 10% Reduction in Personnel.Business Editors/High-Tech Writers SANTA CLARA Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , Calif.--(BUSINESS WIRE)--Feb. 26, 2001 3Com Corporation (Nasdaq:COMS COMS 3Com Corporation (stock symbol) COMS Certified Orientation and Mobility Specialist COMS Continuous Opacity Monitoring Systems COMS City of Manchester Stadium (UK) ) announced today an across-the-board reduction in force of approximately 1,200 people including full-time regular employees and the alternative workforce. "In light of the U.S. economic downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. and turmoil in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry, I announced in December a global cost reduction initiative," said Bruce Claflin, 3Com president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "3Com will focus all of its resources on work critical to market leadership and superior financial returns." 3Com expects today's announcement to be the first step towards improving cost effectiveness and efficiency in operations. The company will continue to focus on cost reductions in all four areas outlined in its restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). plan: employment, discretionary costs, product costs and savings in plant/property and equipment. 3Com will continue to report significant milestones towards this end as it focuses company resources on markets, technologies and products where it can lead. About 3Com Corporation 3Com simplifies how people connect to information and services through easy-to-use, connectivity products and solutions for consumers and commercial organizations. The company also provides access infrastructures and IP services platforms for network service providers. For further information, visit www.3com.com or the press site at www.3com.com/pressbox. Note to Editors: 3Com is a registered trademark of 3Com Corporation. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion