NEW YORK—Tellabs is planning to cut 1,000 jobs and shut down two facilities in an effort to cut costs, the company announced 16 November.
The company is planning to cut 800 U.S. employees and 200 overseas employees, bringing the total cuts in workforce Tellabs has made this year to 2,550, or 29 percent. In addition, a manufacturing facility in Round Rock, Texas, and a research and development center in Minnesota will both close their doors.
Upon the news, Tellabs shares shot up more than 10 percent.
