Cisco to Create 1,700 Jobs in Ontario

Cisco has committed to creating 1,700 jobs in Ontario over the next six years as part of a 10-year deal with the provincial government. The new jobs will focus on research and development. Currently, the company employs 1,300 people in Ontario, and says it could expand its headcount to 5,000 by 2024.

Cisco logoThe agreement calls for Cisco to invest $4 billion in the province, including $2.2 billion in salaries. In return for creating the jobs, Ontario will pitch in up to $220 million.

“This initiative will … ensure that Ontario continues to be a leader in the information and communications technology industry, with a vast talent pool representing the country’s next generation of innovation,” said Nitin Kawale, president of Cisco Canada, in a statement.

Since Waterloo-based BlackBerry announced plans to cut 40 percent of its workforce — 4,500 workers — tech vendors including Apple, Motorola Mobility and Square have been on a local hiring spree.

Cisco, however, is doing more than just hiring. In August it announced plans to lay off 4,000 workers, and has cut 12,300 positions in about the past two years. Last week, the company cut its long-term revenue and earnings targets, citing, among other things, weak demand in emerging markets and conservative spending elsewhere.