Tyco Cuts 1,000 Jobs at Fiber-Optics Unit
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Bloomberg News
Tyco International Ltd. cut 1,000 jobs, or 44% of the work force, at its TyCom fiber-optic cable unit because of declining demand from telecommunications companies.
The job cuts at TyCom, the biggest maker of undersea fiber-optic cable, were planned for weeks and aren’t related to the plunge in Tyco’s shares and bonds since it announced a plan to split into four companies, the company said.
Shares of Tyco, based in Bermuda and run from Exeter, N.H., rose $2.13 to $28.05 on the NYSE.
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