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Emulex to cut 10 percent of workforce, close plant

11
Dec
2013

(Reuters) – Network equipment maker Emulex Corp said it would cut 110 jobs, or 10 percent of its workforce, and close an engineering facility as part of a restructuring program initiated last month under pressure from shareholders. Emulex said it expects to incur pretax charges of $9 million-$10 million related to the job cuts, mainly in the second quarter ending December 29. Activist hedge fund Starboard Value LP said in September Emulex was “extremely undervalued”. Broadcom Corp offered to buy Emulex in 2009 for about $764 million in a bid that resulted in Emulex shareholders and Broadcom suing Emulex.

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