3 October 2003 Naperville, IL Lightwave--Tellabs has announced plans to reduce its worldwide workforce by about 370 employees. The company also plans to close its development center in St. Laurent, Quebec, Canada, by mid-2004. Employees leaving the company will receive severance benefits, which include at least six weeks of severance pay, benefits, and outplacement assistance.
Tellabs International continues "to rigorously review its overall costs and resources in line with its strategy," in the words of a press release. For example, the company says it is continuing its review of manufacturing in Finland. No decision on this issue has been reached.
"It saddens me to see good people leaving, but it's crucial for Tellabs to make further progress on our path to profitable growth," said Michael J. Birck, chairman and chief executive officer. "We must free up Tellabs' resources so we can invest in new growth markets such as a global carrier-class data solution."