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Cisco Systems, Inc. (NASDAQ:CSCO) To Gain From Job Creation In NC

Boston, MA 06/09/2014 (wallstreetpr) – Manufacturer of Internet protocol-based networking and other communications products, Cisco Systems, Inc. (NASDAQ:CSCO) stands to gain from additional job creation besides other targets in the State of North Carolina. While the job creation will keep the ruling establishment in good humor, as it will reduce jobless claims, the company will reap incentives to boost its bottom line though marginally.

Hiring In North Carolina

Cisco Systems, Inc. (NASDAQ:CSCO) plans to hire 550 personnel in its ResearchTrianglePark facility before the year 2018, a report by AP said. The research facility is located in North Carolina and is third biggest site of the company after its headquarters in California and Bangalore in India.

Cisco intends to hire personnel at an average salary of close to $73K a year besides benefits while the average salary in the region is placed around $49.4K per annum. The Internet gear maker’s hiring includes operations, finance, and advanced network services.

Significantly, the company clarified that it is not shifting any jobs from its other sites, but is adding to its current strength of 4,500 employees in the ResearchTrianglePark facility. The networking device maker refused to throw more light on the hiring, and whether it was linked with its earlier plans to spend over $1 billion in the next two years to establish its cloud computing services.

Incentives

As a result of its hiring and upon meeting certain targets fixed by the State of North Carolina, Cisco Systems, Inc. (NASDAQ:CSCO) is likely to gain close to $13 million spanning over a 12-year period. The company has also been assured of incentives to the tune of $860K towards training workers, according to the spokesperson of the North Carolina Commerce Department to the AP.

Cisco Systems, Inc. (NASDAQ:CSCO)’s president and COO Gary Moore said that the latest hiring plans would undoubtedly expand its presence as well as continue its technology solutions development thus enabling Internet of Everything besides driving innovation in ResearchTrianglePark facility.

Published by Duncan Oleinic

Duncan Oleinic is from New Yourk. After graduating with a degree in physics, he began his career as an analyst in a broking firm. Through this experience he was able to advance to the role of correspondent for a U.S based financial news provider, where he worked from 2001 to 2007. He subsequently joined a merchant banking firm as a financial analyst focused on valuing unlisted companies in the sub-continent. Over the course of his two years here, he performed valuations of several media companies which were later acquired by peers.

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