("Tellabs To Cut 150 Jobs, Sees $5M-$6M In Pretax Chgs
Resulting," published Tuesday at 9:36 a.m. EDT, misidentified the
state where the company is based. A corrected version follows.)
Tellabs Inc. (TLAB) plans to lay off about 150 employees, the
Naperville, Ill., telecommunications-equipment maker disclosed
Monday in a filing with the U.S. Securities and Exchange
Commission. The company said the job cuts will "align our costs
with customer spending and market conditions" and are the
centerpiece of a restructuring from which it expects to record
pretax charges of $5 million to $6 million between this year's
second quarter and the first quarter of 2010. It estimates cash
payments resulting from the restructuring will total $5 million to
$6 million from the third quarter of 2009 through the fourth
quarter of 2010.
The Chicago Tribune on Tuesday noted that Tellabs announced last
October it was cutting 280 jobs, or about 8% of its work force, due
to weak sales. Company officials couldn't be reached to comment on
the latest layoffs, the newspaper said.
SEC filing:
http://www.sec.gov/Archives/edgar/data/317771/000119312509144542/d8k.htm
-Dow Jones Newswires; 212-416-2900