Jabil Announces Job Cuts

Count Jabil as another addition to the parade of manufacturers that have announced job cuts in the last few days. The electronics contract manufacturer said Wednesday that it would reduce its workforce of 85,000 by approximately 3,000 as a result of the global economic slowdown. Approximately 10% of the headcount reductions will occur in the United States, and about 10 global manufacturing facilities will be impacted. Pre-tax restructuring and impairment costs of about $65 million will be realized during fiscal 2009 and 2010, the company said. However, the majority of the costs are expected to impact operating results in the fiscal quarter ending Feb. 28, 2009. The St. Petersburg, Fla.-based company said it expects to recognize approximately $55 million in annualized costs savings as a result of its restructuring measures.