|
|
News Breaks
|
January 5, 2012
|
| 18:04 EDT |  | NWK |
| theflyonthewall.com: | Network Equipment announces reduction of headcount and operating expenses | | Network Equipment Technologies announced that it had begun implementation of a restructuring plan that it expects will reduce annual operating expenses, simplify its organization, and refine operations. The company is identifying a range of cost-savings measures to be implemented or become effective during calendar 2012 that it believes can reduce its operating expenses by up to $18M on an annual basis. In the current quarter, the company is eliminating positions and reducing its headcount by approximately 50 employees, which, after restructuring charges, will result in net cash savings beginning in the current quarter. The company estimates that it will incur restructuring charges with respect to such headcount reduction, for severance and termination benefits, in an amount not expected to exceed $1M. The company anticipates further headcount reductions during the year, including through attrition, aggregating to approximately 25% of its global workforce as compared to the beginning of the year. :theflyonthewall.com |
|
|
News For NWK From The Last 14 Days Check below for free stories on NWK the last two weeks.
| Sign up for a free trial to see the rest of the stories you've been missing. |
There are no results for these search parameters.
|
|
|
|
