While the World is still in the grips of economic madness, the results of telecommunications companies is hardly a surprise. Motorola too, have released information about how they are fairing in the challenges ahead.

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Filing with the SEC, Motorola announced plans to record $229 million in charges related to layoffs during the first quarter. At this point, the Company has already cut 5,600 employees from the books with a 1,400 to go. This level of dismissal was announced in October 2008. Although the reduction in employees will help the books in the long run, the Company needs to pay out $216 million to them. With this too, an additional $13 million in charges to exit business commitments.

The goal for Motorola in 2009 is to cut annual costs by $1.5 billion. Part of the plan was to sell the handset division of the Company although no one stepped forward. Product development has slowed with the Company “practically absent” during the CTIA.

[via CNET]