Business & Finance

Boeing is expected to announced 1,000 job cuts at its El Segundo, Calif., satellite manufacturing operations, the Los Angeles Times reported, due to a slump in the telecommunications industry. A later round of layoffs could involve a similar number of jobs, the paper said. Chicago-based Boeing is the world's leading aerospace and commercial jet company. A slowdown in that industry in the wake of the Sept. 11 terrorist attacks already has prompted it to cut 30,000 jobs.

Another 800 to 900 jobs will be cut by year's end at Verio Inc., the Englewood, Colo.-based Internet service provider owned by NTT Communications Corp. of Japan, the latter announced. NTT, which is restructuring amid the global communications slump, also said it would close all but 10 of Verio's 46 data centers. NTT previously said it was cutting 650 jobs at Verio.

After a failed two-year effort to restructure its operations, textilemaker Guilford Mills Inc. is hoping to work out a prepackaged bankruptcy deal with creditors, reports said. In a filing with the Securities and Exchange Commission, the company said it was offering lenders an ownership stake in exchange for refinancing its debts. A $275 million debt payment had been due today. Guilford Mills produces fabrics used for auto upholstery and womenswear. It already has sold off a division that made curtains and bed linens. The company is based in Greensboro, N.C.

In a deal valued at $2.5 billion, the natural resources group Xstrata PLC said it would buy its No. 1 shareholder's coal mines in South Africa and Australia. The seller, Glencore International, is a leading commodities trader. Both companies are based in Zug, Switzerland.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK