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Nortel swings the axe again, cuts 2,900 jobs
CATHERINE MCLEAN AND TAVIA GRANT

Globe and Mail Update

Nortel Networks Corp. said Wednesday it will cut about 2,900 jobs, or 8.5 per cent of its work force, over the next two years as chief executive officer Mike Zafirovski pares expenses in a bid to turn around the struggling communications-equipment maker.

About 70 per cent of cuts will occur this year, the Toronto-based company said in a statement. In addition, Nortel plans to shift about 1,000 positions to undisclosed lower-cost locations, 40 per cent of which will take place this year. Over the past year, Nortel has been building up its so-called operations centres of excellence in areas, such as Mexico and Turkey.

The company currently employs 34,000, down from a high of 95,000 in 2001.

On top of the work force reduction, Nortel plans to reduce its worldwide real estate portfolio by more than 500,000 square feet of space in 2007.

The latest cuts are expected to generated $400-million in annual savings, with half of those benefits coming this year. But expenses for the cuts, including to the real-estate portfolio, could reach $390-million.

Three quarters of the charges for those changes will be taken in 2007.

“We are transforming Nortel and are focused on building a highly competitive organization that drives innovation and profitable growth,” Mr. Zafirovski said in the statement, calling the cuts “tough but necessary measures.”

The company's shares rose 4.1 per cent after the announcement.

The latest round of job cuts, which follow last year's reduction of 1,100 positions, come as the company released its estimates for fourth-quarter results. Nortel expects an 8.8 per cent increase in revenue to $3.26-billion (U.S.) in the last three months of 2006, a little higher than the $3.21-billion fore- cast from analysts surveyed by Thomson Financial. Nortel also expects gross margin as a percentage of revenue will be just above 40 per cent, compared with 39.4 per cent in the year-earlier period.

The announcement came one day after Nortel's respected chief financial officer Peter Currie unexpectedly said he was stepping down in April. Some observers believe that event marked the beginning of a new period for Nortel, signalling a shift to a more aggressive transformation phase that could include acquisitions.

Nortel has steadily pared jobs in recent years as it encountered a number of challenges. First demand for telecommunications equipment crashed at the beginning of this decade, then the company was rocked by a serious accounting crisis in 2003.

Mr. Zafirovski, a former Motorola Inc. executive who took Nortel's reins in November, 2005, has pledged to get the company back on track by slashing expenses and uncovering new revenue opportunities in existing areas. He has set tough financial targets, including a pledge to expand Nortel's operating margin by $1.5-billion through 2008.

“The business model requirements include a significant reduction in general and administrative expenses, driven by simplified operations, reduce systems and improved processes,” Nortel said in a statement.

Nortel will report fourth-quarter results in the second half of this month.

Nortel shares rose $1.27 to $31.94. Almost three quarters of a million shares changed hands in early trading.