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GTE laying off 1,500 employees

GTE is laying off 1,500 employees as part of a broad restructuring effort to save the company more than $500 million over the next two years.

    GTE (GTE) said today that it is laying off 1,500 employees as part of a broad restructuring effort to save the company more than $500 million over the next two years.

    The Stamford, Connecticut, telecommunications company said it would take an $802 million charge for the first quarter in connection with the plan. It estimated that the charge would reduce earnings by 83 cents per share. Excluding the one-time charge, the company said, 1998 earnings would be in line with prior estimates.

    GTE said the reduction in its workforce would come from the sale of some of its wireline properties, a repositioning of its Airfone air-to-ground communications subsidiary, the relocation of its corporate headquarters to Irving, Texas, and cuts to certain international operations. GTE said it expected to make between $2 billion and $3 billion by repositioning the properties.

    The company also said it will write down investments in the Hybrid Fiber Coax technology used in its trial video business.