Archive for Thursday, December 03, 1998
ITT to Cut 1,200 Jobs in Latest Restructuring
ITT Industries Inc. said it plans to streamline its manufacturing operations, cutting up to 1,200 jobs and taking a one-time charge of as much as $400 million in the fourth quarter to pay for the restructuring. “We anticipate a major restructuring across all of our units, particularly in our pumps business and our connector business,” Chairman Travis Engen said. Other units of the White Plains, N.Y.-based company focus on defense products and services and specialty products such as valves. The moves come after the company, which employs about 35,000 people worldwide, sold its auto electrical systems unit and brake and chassis division. ITT stock fell 19 cents to close at $37.31 on the NYSE.
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