22:02 ET<\/span><\/span><\/p>\nCisco, the world’s largest maker of computer networking equipment, will cut its workforce by as much as 9%, trimming 6,500 jobs.<\/p>\n
The move is part of plans announced in May that aim to cut as much as $1bn (\u00a3622m) from Cisco’s annual costs.<\/p>\n
It also said it will sell a Mexican subsidiary to Foxconn Technology Group.<\/p>\n
Cisco is facing increased competition, and said it needs to overhaul the way it operates and focus on core businesses.<\/p>\n
Restructuring<\/span><\/p>\nChief executive officer John Chambers said earlier this year that Cisco would look to exit non-performing or less profitable businesses, and refocus on its core networking operations.<\/p>\n
Analysts have complained that the company expanded into too many areas at the expense of its main markets.<\/p>\n
In May, Mr Chambers announced his intention to shut Cisco’s Flip video camera unit resulting in 550 job losses.<\/p>\n
The process of repositioning the business is set to continue in the coming months.<\/p>\n
As part of the planned job cuts, 15% of employees who are at vice-president level and above will be trimmed. Cisco said that 2,100 employees of the planned 6,500 have elected for a voluntary early-retirement programme.<\/p>\n
The company said it will pay all the affected employees severance pay and give them help to find other employment.<\/p>\n
Cisco does not expect any job losses to come from its plans to sell its television set-top box manufacturing facility in Juarez, Mexico.<\/p>\n
Instead, 5,000 employees will be transferred to contract manufacturer Foxconn in the first three months of the 2012 fiscal year.<\/p>\n<\/div>\n
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