Emerson to Cut Jobs, Close Plants
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Emerson Electric Co. said it will cut 4,000 jobs, or 10% of its salaried work force, and will close about 20 of its 350 plants worldwide because of a decrease in customer demand and a downturn in the economy aggravated by last month’s terrorist attacks.
About 70% of the cuts announced have already occurred. No timetable was specified on when the rest of the cuts would be made, or where.
St. Louis-based Emerson also warned that it expects to report operating earnings of $3.01 per share for fiscal 2001, compared with $3.30 a year ago. Analysts surveyed by Thomson Financial/First Call were anticipating earnings of $3.08 a share for the year, before charges.
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