Company with deal to create hundreds of Ontario jobs to cut 8% of its workforce

Cisco Systems - a networking tech giant involved in a major job creation deal with Ontario - says it will lay off up to 6,000 of its workers, representing 8% of its workforce.

This is the fourth restructuring in four years for the California-based company and their largest so far.

Cisco signed a deal with the Ontario government last December to create 1,700 jobs across the province, including in Kanata.

The provincial government is pledging $220-million in grants provided the company hits job targets while Cisco has announced plans to invest $4-billion over 10 years.

About 400 people were employed by Cisco in Kanata at the time of the announcement.

Cisco reported quarterly earnings Wednesday of $2.25-billion, down 1%.

With files from the Associated Press

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