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MobilCom to Cut Jobs and Feeze Network Plans
Posted: 28-Sep-2002 [Source: Bloomberg]

[MobilCom still looking to secure remainder of German government rescue plan by cutting 42 percent of its workforce and freezing plans to build new UMTS network.]

by Matthew Miller and Julia Werdigier, Buedelsdorf, Germany -- "MobilCom AG, the mobile-phone company that was bailed out by the German government, will cut 42 percent of its jobs and freeze plans to build a network to save 130 million euros ($127 million) a year.

The company is cutting 2,100 of its 5,000 jobs and plans to return its main phone business to profit in the first half of next year. The reorganization will cost 100 million euros, Chief Executive Officer Thorsten Grenz said at a press conference.

With the cost-cutting plan, MobilCom is trying to secure the rest of a 400 million-euro government rescue package after its French partner, France Telecom SA, abandoned it two weeks ago. Germany's No. 5 cellular company will probably seek to merge with a rival to stay in business, analysts said."

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