Solectron more than tripled Q4 net income, plans to cut 1400 jobs

[Human Torch]

Solectron to cut 1,400 jobs
Silicon Valley/San Jose Business Journal - 1:48 PM PDT Thursday

http://www.bizjournals.com/sanjose/stories/2006/10/02/daily67.html?f=et79&hbx=e_du

Solectron Corp. said Thursday it will cut 1,400 jobs within the next 12 months, despite more than tripling its fourth quarter net income and increasing revenue 21 percent.

The Milpitas-based electronics manufacturer (NYSE:SLR ) did not disclose exactly where the cuts will come, but said it will consolidate about 700,000 square feet of facilities in Western Europe and North America.

Solectron said its fourth quarter net income grew to $36.8 million, or 4 cents a share, from $11.8 million, or a penny a share in the year-ago period.

The company's revenue was $2.90 billion, up from the $2.40 billion in the same period last year.

[MadMaddie]

1. * America humming along....the rich get richer and middle class

gets screwed......