Agere cuts 4,000 jobs

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June 29, 2001: 7:42 a.m. ET

ALLENTOWN, Pa. (Reuters) - Agere Systems Inc. said Friday it was cutting
another 4,000 employees, or about 25 percent of its work force, and
expected to take up to $900 million in charges as it restructures its business
to cope with the severe downturn in the semiconductor industry.

The Allentown, Pa.-based optical components maker, a former unit of Lucent
Technologies Inc., said the job reductions were in addition to the 2,000
employees that had been laid off from the company in April.

Of the $900 million in charges, about $725 million will be recorded in the
company's third quarter ending in June, with the rest being taken in
subsequent quarters. Agere (AGR.A: Research, Estimates) said it expects
annual pretax savings of $520 million from these actions.

In addition, the company said it expected third-quarter revenues to be about
$920 million, below the low end of the company's original guidance of $950
million. It also expects a third-quarter loss of 8 cents a share, excluding
amortization and all the above charges. Including these charges, the loss is
expected at 30 cents a share.

Before the April job cuts, the company had a total work force of about
18,500, the company said.

Agere, which Lucent (LU: Research, Estimates) split off in March, rose 13
cents to $5.99 Thursday. Lucent fell 11 cents to $5.76.
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2001-6-29 -04:00
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