Eaton Adds 5,200 Compulsory Layoffs, Mum On Guidance
21 Janvier 2009 - 3:57PM
Dow Jones News
Eaton Corp. (ETN) said Wednesday that it will cut another 5,200
staff through compulsory layoffs amid a continuing slowdown in its
international end markets.
The Cleveland diversified manufacturer announced 3,400 job
losses at the end of last year, and the latest move takes the
work-force reduction to 10% of global staffing.
The company sent layoff notices Tuesday, spokeswoman Kelly Jasko
said. She said further details - including location and potential
restructuring charges - would be announced with fourth-quarter
earnings Monday.
Eaton cut its guidance for the quarter a second time in
December, caught in the dramatic slowdown seen across the auto and
manufacturing sectors. The company's electrical and aerospace units
also felt pressure.
The company expects to earn $1 to $1.10 a share before items in
the December quarter after cutting 70 cents from its guidance.
Eaton shares closed Tuesday at $47 and were inactive in the
premarket.
-By Doug Cameron, Dow Jones Newswires; 312-750-4135;
doug.cameron@dowjones.com
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