On October 24, 2011, Company management approved a workforce reduction action under which the Company will record a net pre-tax charge to earnings during the quarter ended December 31, 2011, of approximately $31 million, comprised of $27 million of severance costs related to approximately 800 employees impacted by the action and approximately $4 million of facility exit costs. Both of the Company’s business segments (the Mobile Devices business and the Home business), as well as various corporate functions, are impacted by the action and the action affects employees globally. Under the Company’s employee severance plan, policies or applicable law, severance payments to employees affected by this action will be made substantially over the next 12 months.
They did not waste ANY time. It’s been an interesting week at work. Seems like it was spread across every group.[/quote]
Yikes. Didn’t know you worked there.(?) If so, I hope you aren’t affected by this. 🙁
