Newspaper article THE JOURNAL RECORD

Lucent Technologies to Cut Up to 16,000 Jobs

Newspaper article THE JOURNAL RECORD

Lucent Technologies to Cut Up to 16,000 Jobs

Article excerpt

TRENTON, N.J. (AP) -- Telecommunications equipment maker Lucent Technologies said Wednesday it is eliminating up to 16,000 jobs after a year of increasingly severe financial and management problems.

The cuts, representing 13 percent of Lucent's worldwide work force of 123,000, were announced as the company reported a $1 billion loss for the final three months of 2000.

It was the sixth time in a year that the AT&T spinoff fell short of forecasts.

Lucent is one of the world's top suppliers of fiber-optic equipment for telephone networks, but its dominance has been eroded by production problems and misjudgement of industry trends.

The plan calls for 10,000 positions to be eliminated, mostly through layoffs, but also through retirements and attrition.

In addition, up to 6,000 jobs may be lost as part of a plan to sell factory operations in Oklahoma City and Ohio to other companies and then hire those companies as contractors. Lucent said it expects the contractors to hire a majority of the workers affected. …

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