Polycom Inc. announced this week that they will be cutting 150 positions or 6 percent of its worldwide workforce of 2,400 immediately.
“The global economic environment impacted our results in the fourth quarter,” said Robert Hagerty, president and CEO of the Pleasanton maker of videoconferencing equipment, in a statement. “We took proactive measures in the fourth quarter to control our operating costs and, through our restructuring, are also taking actions to optimize our cost structure as we move into 2009.”
Polycom will record restructuring charges and pay out $6.5 million in the first quarter of 2009 resulting from the cuts, primarily for severance and employee termination benefits.
Pleasanton-headquartered Polycom has offices worldwide including Toronto and Burnaby, BC locations. A spokesperson for Polycom was unable to confirm how many Canadian employees will be let go but did confirm that this is a “worldwide action”.