Larscom Closing N.C. Plant
MILPITAS, Calif. (AP) _ Larscom Inc., which makes high-speed computer networking equipment, announced Friday it would close its North Carolina plant, reducing its total work force by 53 jobs, or 25 percent.
The closure of the Durham, N.C., plant leaves all the company’s U.S. operations in Milpitas, and comes amid declining profits forecasts.
The company expects an operating loss of $12 million on revenue of about $45 million for 2001.
``The telecommunications equipment industry is facing challenging economic circumstances and our company is also experiencing the softness in this sector,″ said Larscom CEO Bob Coackley.
In trading Friday on the Nasdaq Stock Market, Larscom was down 42 cents a share, more than 17 percent, to close at $2.05.