Alvarion announces 20% jobs cut

Board announces plan to buy $10 million worth of shares
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Alvarion (Nasdaq:ALVR) today announced a 20% workforce cut. The company is letting go 140 people from all divisions.

Alvarion also announced board approval for a $10 million shares buyback.

The dismissals will be implemented immediately as the company strives to reduce expenses by 20% to bring them into line with its current revenue volume.

In October, the company warned that third-quarter revenue will drop to $28 million, from its previous forecast of $30 million to $40 million.

The company, which develops broadband wireless access products, blamed the slowdown in the global communications marketplace. It is due to release results on November 12.