Ailing Orbcomm Cuts Workers, Loses Funding
Teleglobe Inc. said last week it will not provide further funds for its money-losing Orbcomm Global LP subsidiary and moved to find a “strategic partner” to help staunch the unit’s losses.
rbcomm’s primary parent company, Teleglobe of Montreal, reported last week that it lost $86.7 million in the second quarter of 2000 and that Orbcomm would be treated as “a discontinued operation in the third quarter.”
Orbcomm, whose Vantage Tracking Solutions subsidiary pioneered truck trailer tracking, scaled back its business earlier this month and laid off another 100 employees, meaning that it has fired almost half of its workforce since the end of June.
Orbcomm, which is based in Dulles, Va., posted $144.5 million in net losses against $2.8 million in revenue during 1999.
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