(UPI via NewsEdge) Nortel Networks will cut 2,900 jobs worldwide by 2008, with 2,030 going away this year, the Canadian telecommunications equipment maker said.
The troubled company also intends to shift 1,000 non-sales jobs to lower-cost locations, with about 40% of those moves happening in 2007.
Nortel's last employee count was about 34,000, down from 95,000 in 2000.
The job cuts came a day after Nortel said its CFO Peter Currie would resign April 30.
No successor was named.
Other changes include a cut in research-and-development spending to 15 % of revenue from 17%.
A 15% R&D level is 'industry-competitive,' the company said.
Nortel also plans to cut a half-million square feet from its global real estate portfolio.
The company expects its actions will save $400 million a year, with $300 million coming from the job cuts.
Nortel shares gained $1.08 or 4.17 % to $27.01 in early afternoon trading on the New York Stock Exchange.
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