Marconi looks to shed 4,000 more jobs

Marconi today revealed a plan to save a further £200 million sterling that may lead to 4,000 more job losses.

The company, one of the world's biggest telecom equipment makers, employs just under 300 people in Ireland and a spokesman for the company told Ireland.comit was too early to say how many of those jobs are under threat.

Under the plan 25 per cent of the job cuts will come from Britain, a further 25 per cent from the US and the remaining 50 per cent from Marconi’s offices around the world.

Marconi reported a 37-per cent year-on-year decline in core sales to £706 million in the third quarter as spending among its indebted telecoms company clients failed to pick up at the end of dismal 2001 for the former blue chip.

Marconi also said it expected its traditional seasonal uplift in the fourth quarter from the third quarter to the end of December to be less pronounced than last year.

The company made an operating loss of £130 million in the third quarter, with operating cash outflow of £45 million.

Additional reporting Reuters