said Monday it will cut its workforce by 10% and consolidate plant operations because of market uncertainty and the slowing growth of personal computer activities.
The company, which is based in Huntsville, Ala., said it will lay off roughly 3,800 of 38,000 employees worldwide. SCI said it will consolidate some operations while expanding others. The company was not specific about which of its locations will be affected by either possibility and could not be reached for comment.
SCI is a contract manufacturer of electronics and creates products for the computer, peripheral, telecom, medical, industrial, consumer, entertainment, aerospace and defense industries.
The decision will result in a one-time charge of roughly $40 million to $60 million in its current quarter, the company said.
Shares of SCI fell $1.10, or 4.6%, to $22.73 in recent
New York Stock Exchange
trading, up from a 52-week low of $22.47 on Feb. 22.