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Telecom Italia Cutting Costs, 13,000 Jobs

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ROME, Sept. 6 -- Telecom Italia SpA plans to eliminate 13,000 jobs and reduce overall costs by $2.5 billion. According to Roberto Colaninno, Telecom Italia's chairman and CEO since the company's hostile takeover by Olivetti SpA, the cuts are part of long-term restructuring plans. Colaninno also heads Olivetti, which controls 52.1 percent of Telecom Italia. He reported that most of the cuts are to come in Telecom Italia's fixed-line operations. The company announced that it does plan to hire workers for its thriving cellular phone business, Telecom Italia Mobile SpA (TIM), Italy's...Read full article

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    Published: September 1999
    CommunicationsNews & Features

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