Avaya to shed 1,900 jobs worldwide
Avaya, a spin-off of Lucent Technologies, is planning a $200m (€229m) cost-cutting exercise which includes the loss of 1,900 positions globally.
It is not known if the cuts are to affect Ireland, where the company employs just over 200 staff. Avaya employs approximately 23,000 people worldwide.
The provider of voice and data networks also reduced its revenues forecast for the second quarter ending March 31 to be between $1.240bn (€1.42bn) and $1.27bn (€1.46bn) compared to the previous forecast of between $1.25bn (€1.44bn) to $1.35bn (€1.55bn).
The company also said that it expects the net loss from ongoing operations for the second fiscal quarter to be a loss of between $0.06 and $0.10 per diluted share, compared with its previously forecast loss of $0.08.
In order to enhance its balance sheet, Avaya has devised a plan that includes the sale of 14.4 million shares of common stock to Warburg Pincus Equity Partners at the price of $6.26 (€7.16) per share, which should provide Avaya with $90m (€103m).
