NAPERVILLE, Ill. (AP) — Communications equipment maker Tellabs Inc. has announced plans to lay off 300 workers as it stops development of a new line of routers.
The Naperville-based company also reported a fourth-quarter net loss of $23 million. That compares with a $5 million loss the year before. That news prompted Tellabs' stock to fall to its lowest point in nearly 20 years.
The Chicago Sun-Times reports (http://bit.ly/11q2vhB ) that a company spokesman could not say how many of the worldwide job cuts would occur at the Naperville headquarters.
The layoffs planned for 2013 account for about 12 percent of the company's workforce.
CEO Dan Kelly told analysts on a conference call Friday that Tellabs plans to reduce quarterly expenses by nearly 25 percent, to $75 million.
Information from: Chicago Sun-Times, http://www.suntimes.com/index