Cisco to Close Flip Video-Camera Business as Part of Revamp
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Cisco Systems Inc., the world’s biggest maker of networking equipment, will close its Flip video-camera unit and cut about 550 jobs as it reorganizes its consumer businesses.
Pretax costs from the revamp won’t likely top $300 million during the third and fourth quarters of fiscal 2011, San Jose, California-based Cisco said today in a statement. Cisco will realign its remaining consumer business to support core routing, switching and services, collaboration, architectures and videos.