Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PLYMOUTH, MN-In response to cutbacks in spending by communications carriers, Tellabs says it will close its facility here as well as another plant in Texas and reduce its workforce by about 1,000, including 800 in the US. The Plymouth research and development facility located at 3550 Annapolis Lane is 30,149 sf.

Company spokesman Jena Medina says Tellabs expects to move out form the facility by the end of the year. The facility is leased from St. Paul Properties, Inc., sheadds.

“We are evaluating our options about what we will do with the property,” Medina says.

Through these and earlier actions, Tellabs expects to reduce its quarterly operating expenses to $180 million by the first quarter of 2002, a 26% reduction.

Lisle, IL-based Tellabs sells optical networking, broadband access and voice-quality enhancement equipment. The company also says it will close a manufacturing facility in Round Rock, TX.

As a result of these actions and a review of inventory, Tellabs will record restructuring and one-time charges of about $150 million in the fourth quarter of 2001.

The step is a “necessary prelude to our long-term plan to reinvent Tellabs, renew our growth and adjust to the new realities of the communications marketplace,” says Richard C. Notebaert, president and CEO of Tellabs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.