Date:01/11/11
Motorola Mobility Holdings Inc. approved a plan to cut 800 jobs, weeks ahead of its expected acquisition by Google Inc.
The Libertyville, Ill., maker of mobile and set-top devices said the job cuts will cost $31 million and result in a charge of that amount to the current quarter's earnings. The cuts will occur in both of Motorola's business segments, mobile devices and home.
Motorola's management approved the plan Oct. 24, and the company revealed the news in its quarterly report filed late Friday with the Securities and Exchange Commission.
The news comes as Motorola prepares to close a $12.5 billion deal to sell itself to Google, which provides its Android smartphone operating software. The deal has been viewed largely as a strategic play for Motorola Mobility's trove of technology patents and a bid by Google to rival Apple Inc.'s hardware offerings. On Thursday, Motorola said it expected the transaction--which still needs shareholder and regulatory approvals--to close by the end of 2011 or early 2012.
Motorola to cut 800 jobs at cost of $31m
Motorola Mobility Holdings Inc. approved a plan to cut 800 jobs, weeks ahead of its expected acquisition by Google Inc.The Libertyville, Ill., maker of mobile and set-top devices said the job cuts will cost $31 million and result in a charge of that amount to the current quarter's earnings. The cuts will occur in both of Motorola's business segments, mobile devices and home.
Motorola's management approved the plan Oct. 24, and the company revealed the news in its quarterly report filed late Friday with the Securities and Exchange Commission.
The news comes as Motorola prepares to close a $12.5 billion deal to sell itself to Google, which provides its Android smartphone operating software. The deal has been viewed largely as a strategic play for Motorola Mobility's trove of technology patents and a bid by Google to rival Apple Inc.'s hardware offerings. On Thursday, Motorola said it expected the transaction--which still needs shareholder and regulatory approvals--to close by the end of 2011 or early 2012.
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