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Solectron sheds jobs ahead of earnings

The contract manufacturer of electronics is cutting jobs because of the massive slowdown in the high-tech industry.

Solectron, the world's largest contract manufacturer of electronics, has begun to cut jobs because of the massive slowdown in the high-tech industry.

A representative of the Milpitas, Calif.-based company said it is cutting back on both temporary and permanent employees in nearly all of its regional manufacturing centers but declined to provide an exact number of layoffs.

Solectron's business is fairly well-diversified, and the layoffs are the result of the economic meltdown that is affecting all segments of the technology industry. The company manufactures equipment for Cisco Systems and Sony, among others.

"We've seen a moderation across the board," a Solectron representative said. "Most of our locations have had an impact."

The company's second fiscal quarter closed March 3. Solectron will report earnings for the period March 19. In January, the company said it was comfortable with then current estimates for the second quarter and for the entire fiscal year.

At the time, Solectron reaffirmed that it expects second-quarter sales of $5.4 billion to $5.7 billion, with earnings of 29 cents to 30 cents a share, excluding charges. For fiscal 2001, sales are pegged at just over $23 billion, with pro forma cash earnings of between $1.22 and $1.25 a share.