Eaton Says To Cut 5,200 Jobs To Cut Costs

[Purveyor]

Source: Reuters

NEW YORK (Reuters) - Diversified U.S. manufacturer Eaton Corp (ETN.N) said on Tuesday it planned to cut 5,200 jobs in an effort to further slash costs in the face of a struggling economy.

A spokeswoman at Eaton said the latest cuts, combined with 3,400 layoffs announced in the second half of 2008, would bring the total number of staff cuts to 10 percent of the company's total workforce.

The Cleveland-based company is scheduled to release fourth-quarter earnings on January 26.

"We anticipate there will be additional information at that time," said Spokeswoman Kelly Jasko in a telephone interview.

In December, the Cleveland-based company slashed its profit forecast for the quarter and said its end markets could decline by about 7 percent in 2009.

Read more: http://www.reuters.com/article/ousiv/idUSTRE50K0AK20090121

[xchrom]

1. damn -- more people out of work. nt

[truthisfreedom]

2. Rebuilding the infrastructure will require more "stuff" from companies like this...

The jobs will be back.

[Romulox]

4. "The jobs will be back." -- Delusional. nt

[OhioChick]

6. Ummm.....When?

When we're all living under bridges here?

[ChromeFoundry]

3. Cleveland has really getting hit hard

it gets worse every day.

[OhioChick]

5. We're hurting here.........

I heard these were good union jobs, too.

[Azlady]

7. Man,Cleveland is getting hit sooo hard...

[IADEMO2004]

8. Eaton Continues Rapid Growth And Invests In New And Expanded Regional Headquarters In Shanghai

http://www.eaton.com/EatonCom/OurCompany/NewsandEvents/CT_193749

Nov 7, 2008


Snip

This latest of Eaton’s many investments in China is a cost-effective initiative that allows Eaton to integrate its local operations as part of a coordinated power management strategy. With the recent acquisitions of Moeller and Phoenixtec, Eaton has added more than 5,000 employees and six locations in the past year. Due to the acquisitions and Eaton’s continuing growth, the company more than doubled its China revenues in 2008.

[OhioChick]

9. Should be treason. n/t