Nearing the end of a lengthy restructuring, Xerox Corp. will book $115 million in restructuring charges in 2003, mostly to account for pension settlements for workers who have left the company, according to a regulatory filing.
The company also said as many as 1,700 of a planned 4,700 job cuts had been completed as of Dec. 31, with most of the remaining cuts expected to be completed by the end of the company's first quarter. The cuts were originally announced in the fourth quarter of 2002.
The charge includes U.S. $90 million for lump-sum cash payments to terminated employees for pension benefits, according to the annual report filed with the Securities and Exchange Commission.
The rest of the $115 million in charges will pay for other severance and cost-cutting moves associated with the company's Xerox Engineering Services business, the filing said.
The Stamford, CT, U.S.-based office-machine maker said it has substantially completed its restructuring that began in early 2000.
In the fourth quarter, Xerox recorded $402 million in restructuring and asset impairment charges for the initiatives.
It ended the year with 67,800 employees. (Reuters)
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