Motorola Mobility Expects to Pay $31 Million as a Result of 800 Job Cuts
October 31, 2011 10:29 AM
comment(s) - last by
The pretax costs are $27 million in severance and $4 million for closing facilities
Back in August of this year, Google announced that it had
acquired Motorola Mobility
, an American company that makes devices such as Droid smartphones and the
10.1" Xoom tablet
, for $12.5 billion. Now, Motorola Mobility expects to pay $31 million in costs due to job cuts as it prepares for the Google acquisition.
The acquisition looks great for Google. This move allows the tech giant to get its hands on over 17,000 patents to protect Android, and also provides a path into the
Just last week, all was looking well for Motorola Mobility as well as it announced favorable financial results that beat analysts' predictions. Motorola Mobility reported an 11 percent increase in sales to $3.26 billion, and managed to narrow its loss to $32 million from $34 million one year before.
Now, Motorola Mobility has announced expects to pay $31 million to cut 800 jobs. The pretax costs are $27 million in severance and $4 million for closing facilities.
These costs were reported in a regulatory filing with the U.S. Securities and Exchange Commission. According to Motorola Mobility, the moves were approved October 24, and the costs will be recorded this quarter.
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RE: Pretty generous severance...
10/31/2011 2:24:41 PM
I don't know exactly how things workk, but I would think if you get another job in a different division of Motorola, you wouldn't get the severence pay as well...
"When an individual makes a copy of a song for himself, I suppose we can say he stole a song." -- Sony BMG attorney Jennifer Pariser
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