Tellabs to Cut More Jobs, Close 2 U.S. Plants

Telecommunications equipment maker Tellabs Inc. plans to cut 1,000 more jobs, or nearly 14% of its work force, and close two U.S. plants in the latest cost slashing to reflect fallen industry demand. Tellabs, whose gear is used to transmit data, video and voice signals, said a total of 800 U.S. jobs will be eliminated, along with 200 abroad, reducing its work force to 6,400 by early 2002. The announcement sent its shares soaring $1.85, or 12%, to close at $17.30 on Nasdaq.