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Glenayre quits paging.
Publication: RCR Wireless News Publication Date: 28-MAY-01 Author: DANO, MIKE
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COPYRIGHT 2001 Crain Communications, Inc.
Glenayre Technologies Inc. announced a masive restructing plan last week that includes cutting 55 percent of its work force-a full 700 positions--and completely dismantling its wireless messaging infrastructure division. Glenayre officials said the company would refocus its energies on its unified messaging products and services.
The company said the restructuring moves could cost up to $250 million, which includes severance pay, lost revenue from discontinued operations and drops in asset values.
"These past months have been challenging for the communications industry," said Eric Dogget, the company's president and chief executive officer. "This decline is much more rapid and deeper than any of our previous expectations."
Dogget said the reasons behind the drastic restructuring come from the dizzying dedine of the paging infrastructure market and the abysmal financial health of the remaining messaging carriers....
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