TORONTO -- Nortel Networks (NYSE:NT)(TSE:NT.) today indicated that it expects its overall number of employees to remain unchanged in 2001. Nortel Networks regular full time workforce, including joint venture employees, was approximately 94,500 at December 31, 2000, up from approximately 83,500 at this time last year. While the company expects to continue to hire in 2001 to address customer needs and drive leadership in high growth markets, the company estimates that approximately 4,000 regular full time positions will be eliminated in the near term through streamlining and realignment activities. The number of affected employees is expected to be minimized as a result of normal attrition, including retirement.

"In 2000, we added critical resources to further enhance our responsiveness to customers and laser-like focus on the high-growth areas of their businesses, where demand is most robust," said Clarence Chandran, chief operating officer, Nortel Networks. "In 2001, hiring to address high-growth markets will remain a priority."

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