Canadian telecommunications group Nortel Networks has announced that 225 out of 400 posts are to go at its Zurich semiconductor plant. The job cuts come as part of a massive international restructuring the firm announced in June.This content was published on August 2, 2001 - 14:19
Following a massive profits warning and a dismal performance on the markets the Canadian firm announced that it was reducing its global workforce by a total of 30,000 positions.
The Zurich factory will continue to operate with just 175 employees for the next six months at least, explained the spokesman on Thursday.
It was only back in February that Nortel, the world's largest supplier of telecommunications equipment, took over the 400 staff at the Zurich semiconductor plant from Canadian-American group JDS-Uniphase.
A social plan is being set-up for those who will be losing their jobs at the Zurich plant.
Nortel's shock warning came in June when it announced that it expected a second quarter loss of $19.2 billion (SFr32.8 billion) after charges incurred in restructuring and streamlining the company.
swissinfo with agencies
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