SPX Corp. To Cut 500 More Jobs
Oct. 19, 2001
MUSKEGON, Mich. (AP) _ SPX Corp. said Friday it would cut 500 more jobs than the 2,000 it previously announced would be eliminated as part of a cost-reduction effort.
The industrial products and technical systems maker said it already had reduced its work force by more than 1,600 and had closed 28 of the 49 manufacturing, sales and administrative facilities identified for closure.
The combined cuts of 2,500 jobs represent 8.9 percent of its overall work force.
SPX boosted its cost-savings target from the original $100 million to $120 million, saying those savings should offset a performance decline at its Inrange Technologies subsidiary.
The company has said the cost-cutting measures were related to its May 24 acquisition of United Dominion Industries Ltd., an industrial products and systems maker based in Charlotte, N.C.
SPX employed 28,000 people worldwide, including those absorbed in the UDI acquisition, before the job cuts began.
In morning trading on the New York Stock Exchange, SPX shares were up $3.22 to $96.59.
On the Net:
SPX Corp., http://www.spx.com/