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
Manitoba's electrical demand could double in next 20 years: report
WINNIPEG - Electrical demand in Manitoba could more than double in the next 20 years, according to a new report from Manitoba Hydro.
On Tuesday, the Crown corporation released its first-ever Integrated Resource Plan (IRP), which not only predicts a significant increase in electrical demand, but also that new sources of energy could be needed in the next decade.
“Right now, what [our customers] are telling us, with the climate change objectives, with federal policy, provincial policies, is they see using electricity much more in the future than they do today,” said president and CEO of Manitoba Hydro Jay Grewal.
“And our current,…
