Sonus Networks, Inc. , a provider of network transformation through IP communications technology, today announced a restructuring initiative to reduce its workforce by approximately 93 people, or 10% of employees worldwide.
The Company expects to incur restructuring charges for severance and related costs of approximately $1.4 million to $1.9 million on a pre-tax basis in the third quarter of fiscal 2009 in connection with this action and anticipates annual compensation-related cash savings of approximately $9.4 million to $10.3 million as a result of this restructuring initiative.
This action brings the total expected restructuring charges for severance and related costs to approximately $3.4 million to $3.9 million on a pre-tax basis for restructuring actions initiated during 2009. The Company anticipates annual compensation-related cash savings of approximately $19.7 million to $21.6 million as a result of these reductions.
Sonus said the layoffs are the final phase of a restructuring that began at the end of 2008. The latest round of job cuts should be completed in the third quarter.
Westford, Mass.-based Sonus previously announced 60 job cuts in March, 40 layoffs in January and 50 reductions in December.
Read complete press release at : SonusNet.com
Tags: Layoffs, Sonus Networks
