Electronics-maker to cut 8,200 jobs worldwide
The world’s largest contract electronics manufacturer, Solectron Corp., is cutting more than 10 percent of its global jobs despite meeting a quarterly profit target as economic weakness hits customers, the company said Monday.
Solectron, which three months ago said it expected to prosper in a downturn, said it would eliminate 8,200 of its 79,000 employees, miss the year’s sales target and take a $300 million to $400 million restructuring charge this quarter.
Shares of Solectron, which provides products for brand-name companies like Sony, fell nearly 10 percent in after-hours trading from its regular New York Stock Exchange session close of $21.49.
“Changing economic conditions overall led to a significant reduction in demand from our customers as we moved through the quarter,” Chief Executive Koichi Nishimura said in a statement.
