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News > Companies
3Com laying off 170
March 23, 2001: 12:36 p.m. ET

Cuts are part of plan to save computer network hardware firm $250M
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NEW YORK (CNNfn) - Computer network hardware maker 3Com Corp. said Friday it will cut about 170 jobs in its consumer broadband operations unit.

The layoffs, at its Rolling Meadows, Ill., facility, are part of 3Com's restructuring effort announced earlier this week intended to save the firm $250 million.

graphicSanta Clara, Calif.-based 3Com (COMS: Research, Estimates) cited eroding prices and margins in the consumer broadband unit. The cuts will affect full-time and alternative workers, the company said.

The layoffs are estimated to cost the firm $4 million but will save it $18 million annually.

On Tuesday, 3Com announced several additional restructuring initiatives aimed at saving $1 billion by the end of the coming fiscal year. The company said then it would begin laying off personnel but declined to name a specific amount, saying only that the cuts would account for about a quarter of the proposed savings.

3Com shares were up 6 cents to $5.97 at midday Friday. graphic




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