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Nortel slashes 700 UK jobs

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Nortel Networks has refused to confirm local newspaper reports that it has axed some 700 jobs at its optical components factory in Paignton, Devon.

A spokesman for the Canadian outfit said he would not comment on rumour and speculation blah, blah - you know the drill.

Instead, he pointed to an announcement a week ago in which Nortel issued a profits warning and announced it was so slash 10,000 jobs from its workforce, blaming the downturn in the US economy.

Yeah, we said, but what about Paignton?

No comment, said our Nortel spokesman. ®

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