12 Jun 1998
Motorola has announced that 15,000 employees will lose their jobs in a $1.95bn (#1.19bn) restructuring process aimed at salvaging the company's operating profits.
The consolidation process will focus on the semiconductor and messaging business sectors. The process will also include the closure or merger of non-strategic businesses.
The restructuring comes prior to Motorola announcing its earnings for the second quarter, which are expected to show an operating loss. "In the fourth quarter of last year our forecast for 1998 called for higher sales growth and improved profitability, but that has not materialised," said Robert L Growney, president and chief operating officer.
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