Cooper Industries, Ltd., Houston, TX, reported fourth quarter 2008 sales of $1.52 billion, down 1% from fourth quarter 2007. Profit decreased 38% to $111.1 million.
"As the quarter progressed, the credit crisis deepened with the economic deterioration in the U.S. and Europe spreading around the world. Cooper earlier announced its intention to reduce our work force by over 1,000 employees and to take a fourth quarter charge estimated to be in the range of $20 million to $22 million. As economic conditions deteriorated, we determined it was necessary to increase the reduction in work force to in excess of 2,200 employees globally and recorded a restructuring charge of $35.7 million," said Cooper Industries’ CEO Kirk S. Hachigian.
Sales for the twelve …
Cooper Industries 4Q Profit Drops 38%
Cooper Industries, Ltd., Houston, TX, reported fourth quarter 2008 sales of $1.52 billion, down 1% from fourth quarter 2007. Profit decreased 38% to $111.1 million.
"As the quarter progressed, the credit crisis deepened with the economic deterioration in the U.S. and Europe spreading around the world. Cooper earlier announced its intention to reduce our work force by over 1,000 employees and to take a fourth quarter charge estimated to be in the range of $20 million to $22 million. As economic conditions deteriorated, we determined it was necessary to increase the reduction in work force to in excess of 2,200 employees globally and recorded a restructuring charge of $35.7 million," said Cooper Industries’ CEO Kirk S. Hachigian.
Sales for the twelve …
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