Telecom equipment makers Lucent of the United States and Alcatel of France, have announced their merger would result in the loss of about 9,000 jobs.A company statement said they "are on track to complete their merger transaction by the end of calendar year 2006," and had "achieved a number of significant milestones, including satisfying some regulatory conditions to the proposed merger."
Janet Davidson, Lucent Technologies integration team leader, said "We have collectively performed further analyses of each business activity and have identified significant cost synergies from several areas across the businesses, including a reduction of the combined worldwide workforce by approximately 9,000 people."
Dontcha just love the phrase "cost synergies"!
