Despite Layoffs, Yahoo Slated To Set Up Major Shop In Nebraska
This story was written by Tameka Kee.
One door closes and another new facility opensat least in Yahoo's case. AP sources say Yahoo (NSDQ: YHOO) will announce plans to build a major facility in La Vista, Nebraska on Friday, just days after it said it would have to cut 1,500 jobs to help ride out the economic downturn. And the new digs won't come cheap: in exchange for getting major state tax breaks, Yahoo has to invest at least $100 million and create at least 50 jobs worth at least $68,700 each within four years.
Property records show that the Web giant already spent $14.8 million on the building itself (per Data Center Knowledge). Yahoo's shares were trading up after the company said it would slash $400 million in expenses before the end of the yearand though the Nebraska facility is designed to be a cost-cutting measure, we'll have to see how Wall Street reacts to this new, slightly more expensive news.
By Tameka Kee