TORONTO-Nortel Networks announced it is selling manufacturing plants and cutting 1,000 jobs as part of a restructuring plan intended to make the company more competitive.
Nortel will contract out all but its most complex printed circuit board assembly, most of its electro-mechanical subsystems manufacturing and a significant part of its repair business.
About 4,000 employees will be affected. About 3,000 workers are expected to be hired by the contract manufacturers buying the divested plants, while 1,000 jobs will be eliminated.
