Sonus Networks to layoff 10% of workforce
WESTFORD, Mass. (AP) – Sonus Networks Inc. said Thursday that it's laying off 93 people, or 10 percent of its workforce, in the latest round of job cuts.
The maker of Internet network hardware and software said it will incur restructuring charges for severance and related costs of $1.4 million to $1.9 million before taxes in the third quarter. The job cuts are expected to save $9.4 million to $10.3 million a year.
For all layoffs in 2009, total restructuring charges for severance and related costs should come to $3.4 million to $3.9 million before taxes. Annual savings should range from $19.7 million to $21.6 million.
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.
Shares of Sonus were up 2 cents to $1.91 in afternoon trading.