Leuven, Belgium-based wireless module manufacturer Option, is set to cut 150 jobs from its production engineering and logistic facility in Cork, Ireland, according to Ireland On-Line.
The cuts, which are expected to take effect in January, are part of a corporate restructuring and downsizing of its operations in Cork. Ireland On-Line noted the positions are expected to be filled by operations in Asia and will leave the Cork operations with 22 employees.
As part of the restructuring, Option today announced plans to raise nearly $30 million through a rights issue to existing shareholders. Option said proceeds will be used to strengthen its capital structure and offset the $10.5 million needed to support the reorganization.
AT&T Mobility currently offers an Option PC Card.
Option to cut 150 jobs in Ireland
ABOUT AUTHOR
