AMP to Close 3 Plants, Eliminate 3,500 Jobs

AMP Inc., the world's biggest maker of electronic connectors, plans to close three U.S. plants and cut 3,500 jobs, or 7.5% of its work force, to reduce costs as declining Asian sales hurt profit. AMP, which produces devices used in electronics ranging from microwave ovens to missiles, said it will take charges this year as it closes two facilities in Loganville, Pa., and a plant in Kernersville, N.C. The job cuts will come through early retirement, attrition and firings. Plants will be consolidated in the next two years as part of a series of cost cuts for AMP, which last month ordered 22,000 U.S. workers to take a week of vacation or unpaid leave. Shares of Harrisburg, Pa.-based AMP rose 13 cents to close at $31.81 on the New York Stock Exchange.