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TyCom, a maker of fiber-optic cable for undersea telecom networks, has laid off 1,000 workers at its New Hampshire and New Jersey plants to cut costs.
The moves come as the company's parent Tyco International tries to reassure wary investors that it is not facing a cash shortage.
Tyco's chief information officer told Foster's Daily Democrat the reductions were necessary because of increased competition and the need to reduce expenses. The reductions have been planned for some time, the company said.
In Newington, N.H., the announcement was made at each of the three shifts. The layoffs are effective immediately and were based on seniority.
At its peak, the Seacoast factory employed approximately 1,000 people, but in October, Tycom cut 340 workers as orders slowed. Workers laid off today told the
newspaper they received 10 weeks of severance pay from the company.
Shares of TYC rose to 28.05 on Thursday. In the last 52 weeks, the issue has ranged from 22 gto 62.