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Xerox plans up to $400M charge
Copier maker says it will cut 4Q results to cover cost of 2,400 job cuts.
November 19, 2002: 1:54 PM EST

NEW YORK (CNN/Money) - Xerox Corp. said Tuesday it will take a pre-tax charge against fourth-quarter results of as much as $400 million in part to pay for more than 2,400 layoffs.

The copier maker, trying to save money and become more efficient, said the charge of at least $350 million will include severance costs for worldwide workforce reductions as well as about $50 million associated with facility consolidations and closings.

"For Xerox to continue building momentum in this uncertain economy, we need to accelerate our drive to improve efficiency while delivering competitive products and services to our customers," Chairwoman and CEO Anne M. Mulcahy said.

Mulcahy said the cuts will not hurt the company's "direct sales force and the focus of our research and development investments."

The job cuts in the U.S. and Canada are expected to reduce employment by more than 2,400, or 3.4 percent, over the next three months, Xerox said. The company had 69,900 worldwide employees at the end of September.

Xerox, based in Stamford, Conn., said the restructuring announced Tuesday is part of the company's target of saving $1 billion.

Shares of Xerox (XRX: Research, Estimates) fell 11 cents to $7.92 Tuesday morning, widening their year-to-date loss to 24 percent.  Top of page




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