Cooper Industries to lay off 2,200


NFPA 70E Training

Our customized live online or in‑person group training can be delivered to your staff at your location.

  • Live Online
  • 6 hours Instructor-led
  • Group Training Available
Regular Price:
$199
Coupon Price:
$149
Reserve Your Seat Today
Cooper Industries Limited, a manufacturer of electrical products and tools, has posted a fourth-quarter 2008 net income of $111.1 million, down 38 percent compared with $179.3 million year over year, as a result of charges related to job cuts and severance packages.

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

UK to End Coal Power After 142 Years

UK Coal Phase-Out signals an energy transition, accelerating decarbonization with offshore wind, solar, and storage,…
View more

Canadians Support Tariffs on Energy and Minerals in U.S. Trade Dispute

Canada Tariffs on U.S. Energy and Minerals signal retaliatory tariffs amid trade tensions, targeting energy…
View more

Renewable energy now cheapest option for new electricity in most of the world: Report

Renewable Energy Cost Trends highlight IRENA data showing solar and wind undercut coal, as utility-scale…
View more

Opinion: The awesome, revolutionary electric-car revolution that doesn't actually exist

Ecofiscal Commission EV Policy Shift examines carbon pricing limits, endorsing signal boosters like subsidies, EV…
View more

Manitoba Government Extends Pause on New Cryptocurrency Connections

Manitoba Crypto Mining Electricity Pause signals a moratorium to manage grid strain, Manitoba Hydro capacity,…
View more

Germany is first major economy to phase out coal and nuclear

Germany Coal Phase-Out 2038 advances the energy transition, curbing lignite emissions while scaling renewable energy,…
View more

Sign Up for Electricity Forum’s Newsletter

Stay informed with our FREE Newsletter — get the latest news, breakthrough technologies, and expert insights, delivered straight to your inbox.

Electricity Today T&D Magazine Subscribe for FREE

Stay informed with the latest T&D policies and technologies.
  • Timely insights from industry experts
  • Practical solutions T&D engineers
  • Free access to every issue

Live Online & In-person Group Training

Advantages To Instructor-Led Training – Instructor-Led Course, Customized Training, Multiple Locations, Economical, CEU Credits, Course Discounts.

Request For Quotation

Whether you would prefer Live Online or In-Person instruction, our electrical training courses can be tailored to meet your company's specific requirements and delivered to your employees in one location or at various locations.