Viavi Solutions Inc.
Viavi Solutions Announces Restructuring Plan
Summary
On June 13, 2024, Viavi Solutions Inc. announced a restructuring and workforce reduction plan (the 'FY2024 Plan') due to a challenging spend environment. The company expects approximately 6% of its global workforce to be affected, incurring an estimated $15 million in severance and termination benefits. The restructuring is anticipated to result in $25 million in annualized cost savings and will be substantially completed within the next four fiscal quarters.
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About Viavi Solutions Inc.
Viavi Solutions Inc. is a leading global provider of network test, monitoring, and assurance solutions for communications service providers, enterprises, and network equipment manufacturers. With a diverse product portfolio, the company plays a critical role in enabling the smooth operation and optimization of networks worldwide. Viavi's offerings include advanced fiber optic testing solutions, wireless RF performance tools, and network performance monitoring software. These products are crucial in sectors such as telecommunications, aerospace & defense, and manufacturing, where they help ensure the reliability and efficiency of complex networks. Founded in 1923 and headquartered in San Jose, California, Viavi has established a significant presence in the market, known for its innovation and expertise in network testing tools. The company's solutions are instrumental in addressing the demands of rapid technological advancements and the growing need for high-speed, reliable connectivity. With the evolution of networks towards 5G and beyond, Viavi Solutions Inc. remains at the forefront, providing essential technologies that support the deployment and maintenance of next-generation communications infrastructure.
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