Agere cuts another 950

Component maker Agere Systems announced plans to cut 950 people from its already reduced work force. The move means Agere will have cut its headcount by almost 7000 this year, giving the company a total of 11,300 employees.

According to Agere, the reduction is necessary to bring the company’s cost structure in-line with industry demand and will lower its quarterly breakeven level from $900 million in revenue to $700 million.

Today’s announced job cuts will occur during the next several months and will affect primarily management positions within Agere’s product groups, sales organization and corporate-support functions. Most of those affected by the announcement are located in New Jersey and Pennsylvania.

--Toby Weber, staff writer