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January 4, 2008
Motorola Inc. said late Friday it will take a fourth-quarter pretax charge of $90 million related to severance costs from the layoffs of 1,600 employees.
The Schaumburg, Ill.-based mobile phone maker recorded $311 million in charges over the first nine months of 2007 related to the layoffs of 5,100 workers.
All of the charges are expected to result in cash expenditures in 2008, the company said in a filing with the Securities and Exchange Commission.
All three of the companys business segments, as well as various corporate functions, are impacted by the plans, Motorola added.
In May, the company said it planned to cut a total of 7,500 jobs.
Shares of Motorola closed the regular session down 6.1% at $15.07.
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