December 19, 2011 / 2:52 PM / 6 years ago

UPDATE 1-DragonWave to cut 38 jobs in Israel

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Dec 19 (Reuters) - Canadian telecom equipment maker DragonWave Inc said it will cut 38 full-time and contract jobs from its Israeli operations, after posting four straight quarters of losses.

The company said the move will save it $1.1 million in quarterly operating costs and prepare it for the planned acquisition of a Nokia Siemens Networks business division.

DragonWave, which had losses of $2.2 million in the third quarter, said last month it will add 360 employees as part of the acquisition of Nokia Siemens Networks’ microwave transport business.

The job cuts will result in a restructuring charge of $300,000 in the fourth quarter and a one-time cash expense of about $600,000, the company said in a statement.

Shares of the company closed at C$3.80 on Friday on the Toronto Stock Exchange. (Reporting by Aftab Ahmed and Ankur Banerjee in Bangalore; Editing by Sreejiraj Eluvangal)

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