Cisco will fire 6500 employees and sell the plant in Mexico

Cisco Systems announced that it plans to lay off 6,500 employees. 2100 of these employees agreed to voluntary early retirement.

The most massive layoff in the history of the company will reduce the total number of its employees by 9%. Including will be dismissed 15% of the leaders of the level of vice-president and above. The reduction will cost the company $ 1.3 billion.
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Along with the announcement of the reduction, Cisco announced that its plant for the production of digital television receivers in Mexico will be sold to a Taiwanese company Foxconn. As part of the sale of about 5,000 Cisco employees will move to Foxconn.

These measures are part of John Chambers' CEO restructuring plan, which has pledged to reduce the company's annual budget by a billion dollars. Earlier in April, Cisco laid off 550 employees and closed the Flip camcorder division.

[ via VentureBeat]