Thomas & Betts Corp., Memphis, TN, reported sales of $461.0 million for the second quarter 2009, down 28.1% year over year. Profit declined 84.7% to $22.7 million.
"2009 has proven to be considerably more challenging than anticipated, with continued pressure in all of our key markets," CEO Dominic J. Pileggi said. "The lack of any meaningful improvement in credit availability has crippled capital investment in the global industrial base and severely curtailed spending on construction projects. In addition, we have not yet seen any notable impact from government-initiated stimulus spending.
"The result is an unprecedented decrease in demand. While we have responded aggressively by reducing headcount, freezing wages and cutting discretionary spending, it has not been possible to …
