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

BC’s Electric Highway
VANCOUVER - British Columbia has taken a significant step toward sustainable transportation with the completion of its Electric Highway, a comprehensive network of electric vehicle (EV) charging stations strategically placed across the province. This ambitious project not only supports the growing number of EV owners but also plays a crucial role in the province’s efforts to combat climate change and promote clean energy.
The Electric Highway spans from the southern reaches of the province to its northern edges, connecting key urban centers and remote communities alike. With over 1,400 charging stations installed at various locations, the network is designed to…