Black & Decker To Cut 3,000 Jobs
TOWSON, Md. (AP) _ Black & Decker Corp. plans to eliminate 3,000 jobs, or about 10 percent of its work force, and sell several divisions in a restructuring aimed at making the company more profitable.
The tool and appliance maker said today the jobs being eliminated will come mostly from international operations.
Nolan D. Archibald, chairman and chief executive, said the moves would enable Black & Decker to focus on its core businesses that include making power tools, hardware, and building products.
Black & Decker said it is selling its houshold products division in North America, Latin America and Australia as well as its Emhart Glass and True Temper Sports divisions.
The household products business has had low and inconsistent returns, especially in Brazil and Australia, the company said. Selling it is expected to produce more consistent earnings.
It expects to generate more than $500 million from the sales in the next six months.
It said the moves are part of a restructuring that will save $100 million in costs annually.