Cooper Industries to lay off 2,200
Industrial Info Resources reports that Cooper Industries is now set to eliminate 2,244 positions – 8 percent of the company's salaried work force and 7 percent of its hourly employees, the company said in a statement.
"We've experienced many cycles, recessions, crises and have not only survived, but have prospered and adapted to changing market conditions and emerging technologies," said Kirk Hachigian, Chairman, CEO and President.
Revenues for the quarter totaled $1.52 billion, down slightly from 4Q07's $1.54 billion. Sales of electrical products in 4Q08 totaled $1.36 billion, and sales of tools totaled $165.1 million.
"Economic conditions deteriorated rapidly," Hachigian said. "In every business and in every market, all global regions, including developing markets, were down. And we were very limited with year-end customer pull-throughs or buys in electrical distribution, utility and retail. Essentially, nobody wanted to take additional inventory."
Cooper Industries has been in operation for 175 years. The company has 23 manufacturing facilities in 23 countries and serves the industrial, commercial, utility and residential markets.
Related News
China's nuclear energy on steady development track, say experts
BEIJING - While China has failed to accomplish its 2020 nuclear target of 58 gigawatts under operation and 30 GW under construction, insiders are optimistic about prospects for the nonpolluting energy resource in China over the next five years as the country has stepped up nuclear approvals and construction since 2020.
China expects to record 49 operating nuclear facilities and capacity of more than 51 GW as of the end of 2020. Nuclear power currently makes up around 2.4 percent of the country's total installed energy capacity, said the China Nuclear Energy Association. There are 19 facilities that have received approval…
