Cisco confirms thousands of job cuts, sells STB plant

SAN JOSE, CA – Cisco will cut 6,500 jobs and has sold off its set-top box manufacturing facility in Mexico in an effort to become more efficient and profitable.The company said that it will reduce its full-time global workforce by 9% by accepting voluntary early retirement offers from approximately 2,100 employees and laying off another 4,400. Impacted workers in Canada and the U.S. will be notified during the first week of August, and will receive severance pay and outplacement assistance, the company said in a statement late Monday.The approximately 5,000 workers employed at the Juarez, Mexico-based manufacturing facility will become employees...