Black & Decker Layoffs Job Cut: fires 1200 employees: Finance Trading Times

Black & Decker Layoffs Job Cut: fires 1200 employees

The Towson based company called Black & Decker has decided to go for layoffs. The company is in the business of making power tools and equipments. Now company Black & Decker has deiced to go for a big Black & Decker Lay off or Job Cut. The economic crisis is hitting all sectors. It is learnt that these layoffs are being done because of the declining sales and to save costs. Black & Decker Layoffs

How many employees will be fired by Black & Decker layoffs?
Around 1,200 employees will be asked to quit their jobs at Black & Decker.

Which department of employees will be affected by the Black & Decker Layoffs?
Most of the job cuts will be in the manufacturing department.

Which locations will be affected by the Black & Decker Layoffs?
Most layoffs in manufacturing will be at Reynosa, Mexico. Employees in Asia, Tennessee and California will also be affected. There will be some job cuts in the Baltimore area as well.

How much savings can be made by outsourcing and Black & Decker Layoffs?
There is no information provided by the company about the savings to be made by the job cuts.

WHat are the primary reasons of Black & Decker Layoffs
The worsening global economy means that there is a decline in sales and hence that is the reason that company is deciding to go for manufacturing job cuts mainly.

Any other news about Black & Decker?
As per BaltimoreSun, The company reported fourth-quarter earnings of $43.7 million, or 73 cents per share, compared with 187.4 million, or $2.94 cents per share, for the same period a year ago. The earnings for the quarter ended Dec. 31 reflect a $20.8 million pre-tax restructuring charge. Sales for the quarter decreased 17 percent to $1.4 billion. Sales were hurt by a 4 percent negative impact from foreign currency translation as the dollar gained strength.

Conditions are expected to continue to be tough as the year progresses. Black & Decker expects double-digit sales declines in the first three quarters of the year.

"We are facing a financial and economic crisis unlike anything in our professional careers," Nolan D. Archibald, the company's chairman and chief executive officer said during a conference call with analysts
Let's hope that alternative jobs are available to the affected employees of Black & Decker Layoffs Job Cut.
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