Nortel pushes back Flextronics deal
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Company delays divestiture of manufacturing assets, as it focuses on its financial restatement.
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Flextronics , the world's largest contract electronics manufacturer, posted on Tuesday a jump in quarterly profit from a year ago, when results were weighed down by charges.
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Nortel Networks Corp.  on Thursday warned that third-quarter sales will fall below its second quarter and that full-year 2004 revenues at North America's largest telecom equipment maker will lag the overall sector.
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Nortel Networks on Monday declined to comment on a news report that the company is negotiating with Motorola to combine wireless infrastructure units.&quot;Nortel doesn&#39;t comment on rumors and speculation,&quot; a Nortel spokesman said.The two companies are talking as a way to cut costs in a network equipment market that is consolidating and facing stiff competition, The Wall Street Journal reported Monday.The deal with Nortel would be separate from Motorola&#39;s announcement last month that it was&#160;considering spinning off its mobile handset business, the Journal reported. Motorola on Jan. 31 announced it was looking at separating the lagging handset division from the rest of its business.A Motorola spokeswoman wasn&#39;t immediately available for comment Monday.A combined wireless infrastructure unit would have sales around $10 billion, the Journal reported. Talks between Motorola and Nortel have been going on for about a month, the news report said, and under one scenario, Nortel would own a majority of the joint venture.Both companies have faced challenges recently. Motorola last month reported a loss of $49 million for 2007, due largely to declining handset sales.But fourth-quarter 2007 sales were up in the Home and Networks Mobility group, which makes set-top boxes and wireless infrastructure. The group saw sales rise 11 percent to $2.7 billion from the fourth quarter of 2006.Last year, the U.S. Securities and Exchange Commission charged seven former Nortel executives with participating in a 2003 accounting fraud by manipulating reserves to manage Nortel&#39;s earnings.Last February, Nortel announced it would lay off 2,900 employees and move another 1,000 jobs to low-cost locations throughout 2007 and 2008.
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Nortel Networks Corp. (NT) warned on Thursday it will again delay filing restated financial results, shaking investor confidence in the leading telecom equipment maker and sending its stock lower.
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BRUSSELS  - European Union regulators on Friday cleared the acquisition by Singapore's Flextronics International Ltd. of manufacturing actives from Nortel Networks Corp., Canada's largest technology company.
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Nortel (NT:NYSE - news - research) suffered another setback on its march to accountability Thursday, warning that it will need an additional month to complete its audit and file restated financials.
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Nortel Networks Corp., North America&#39;s largest telephone-equipment maker, said third-quarter revenue will fall from the second quarter&#39;s $2.
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TORONTO Nortel Networks said on Thursday that it would slash its work force by 3,500, or 10 percent, as it struggles to recover from an accounting scandal that toppled three top executives and led to a criminal investigation and lawsuits.
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Nortel Networks Corp.   will slash 2,900 jobs, or 8.5 percent of its workforce, over the next two years and shift another 1,000 employees to lower-cost locations like China, India and Mexico as North America's biggest maker of telephone equipment struggles to shore up its profits.
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TORONTO (CP) - Sprint Communications Co. has again split big wireless network equipment contracts between Nortel Networks Corp. and Lucent Technologies.
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Nortel Networks Corp., North America&#39;s largest maker of telephone equipment, said revenue in the third quarter will decline from the second quarter&#39;s $2.
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Nortel Networks Corp. on Wednesday said it will not be required to change its accounting treatment of optical products sales, and it received verbal confirmation that two stock exchanges do not plan to begin any suspension or delisting procedures.
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Retreating from an upbeat forecast it  made just last month, Nortel Networks Corp. NT.TO warned on  Thursday that third-quarter sales will fall below  second-quarter levels and that its 2004 revenue growth rate  will lag that of the telecoms-equipment sector as a whole.
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TTAWA, Aug. 19 - Nortel Networks, the troubled Canadian telecommunications equipment maker, has fired seven more financial managers as it continued to sort out the accounting scandal that led to the dismissal of its president this year.
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Flextronics International Ltd.,  the No. 1 contract electronics manufacturer, on Monday posted a  quarterly profit versus a year earlier loss but a weak forecast  due to weakening consumer and communications demand sent shares  down nearly 8 percent.
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Nortel Networks Corp. (NT.TO) delivered long-awaited preliminary results for the first half of 2004 on Thursday that showed estimated first and second quarter earnings between nil and 1 cent per share, and North America's biggest telecom equipment supplier said it would cut about 3,500 jobs.