April 30, 2009 (FinancialWire) — Sycamore Networks, Inc. (NASDAQ: SCMR) said it will reduce its workforce by around 30 percent in response to current economic conditions and reduced capital expenditures in the global telecommunications market.

In a statement, the company said it expects to complete the reduction “over the next several quarters” and that the cuts will affect “all functional organizations and multiple geographic locations.”

Sycamore expects that the action will result in an annualized cost savings in the range of $17 million to $18 million.

The company also expects to incur aggregate restructuring charges in the range of $4 million to $5 million over the next several quarters, primarily associated with employee separation packages.

Chelmsford, Massachusetts-based Sycamore Networks is a provider of bandwidth management solutions for fixed line and mobile network operators. The company’s global customer base includes Tier 1 service providers, government agencies, and utility companies.

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