0.46%SPY 123.61 0.34%XLF 21.23 
1.19%
Digg
Del.icio.us
Newsvine 
Facebook
Stumbleupon
NEW YORK - Black & Decker said Thursday it will cut 700 jobs, or about 3 percent of its workforce, and close a plant in Atlanta as part of a new restructuring plan.
| BDK | 62.43 |  -0.87 |
The toolmaker made the announcement after reporting that the company's first-quarter earnings were down 37.6 percent from a year earlier, due to slumping housing market and the subprime mortgage crisis.
"The U.S. housing downturn and related credit tightening have sharply lowered demand for tools, locksets and faucets," Chief Financial Officer Michael D. Managan said during a conference call with analysts.
The company expects to generate more than $10 million of savings in 2008 from the restructuring.
The above adage is well known by precious-metals investors; in fact I used this quote in one of our monthly reports. I recall how many inquiries ...
Stephenie Meyer, who wrote 'Twilight', will not continue writing ...
IN THE HEADLINES McCain caps GOP convention vowing 'change is coming' to Washing...
|
Professional Website Design For Corporate - Get a Free Quote Today
Partners  
|
© 2008 The Ibtimes Company. All Rights Reserved. Terms of service | Privacy Policy | Advertising | About Us | Contact Us | Archives
EMAIL
PRINT
RSS
SHARE
