Agere Cuts Another 950 Employees
Agere Systems announced Wednesday that it will lay off an additional 950 employees in an attempt to cut costs.
The maker of components for communications applications announced earlier this year that it would eliminate roughly 6,000 jobs as a result of flagging demand for semiconductors.
Wednesdays job cuts will fall in management positions covering product groups, worldwide sales, and corporate support areas. The majority of employees let go are located in New Jersey and Pennsylvania. They are expected to leave Ageres payroll over the next several months.
"We sincerely regret the need to further reduce our workforce and the unfortunate impact it will have on our people," said John Dickson, president and CEO, Agere Systems. "However, it is critical that we continue to move forward with our plans to lower our cost structure and direct our resources to those areas that will best support our return to profitable growth."