AT&T's board was to consider dividing the company into four distinct businesses, published reports said. The split would create business, broadband, consumer, and wireless divisions, The New York Times and The Wall Street Journal reported. The nation's largest long-distance telephone-service and cable-television provider has been under fire to revive its stock, which has traded at about half the value of a year ago, partly because of falling prices in the long-distance industry. If the plan is approved, an announcement could be made as early as tomorrow. Other options being considered include leaving AT&T intact or spinning off one or more new businesses.
Nine hundred jobs will be cut at Lexmark International Inc., the maker of computer printers announced as part of a restructuring plan. That is expected to result in a $35 million to $45 million charge in the fourth quarter, mainly to cover the move of laser-printer manufacturing to Latin America and Asia. The Lexington, Ky.-based company expects the restructuring to save about $100 million by 2002. Lexmark's workforce is currently more than 11,000.
(c) Copyright 2000. The Christian Science Publishing Society