3Com announces layoffs

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Computer network hardware maker 3Com Corp. unveiled plans on Monday to reduce its work force by approximately 3,000 people, 30% of its staff.

The staff reduction is aimed at helping to restore the company's profitability. The full reduction will occur over several quarters. 3Com announced in March 2001 intended to produce annual savings of US$1 billion. It is also reorganizing its business units to become more tightly focused on 3Com's core competencies.
- Richard Tedesco

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