Black & Decker Plans 400 Job Cuts Worldwide

Black & Decker Corp. said it plans to eliminate 400 jobs, or about 1.8% of its global work force, as it reported a decline in fourth-quarter earnings and sales, citing a slowing U.S. economy and a strong dollar. The maker of power tools also said that first-quarter sales would be unchanged or modestly lower, resulting in earnings that will be flat or down at a mid-single-digit rate. In the fourth quarter, Black & Decker's profit fell 30% to $80.1 million, or 98 cents a share, on a 6.6% decline in revenue to $1.26 billion. The results matched the 98-cent estimate of analysts that had been revised down from $1.46 when the company lowered its forecast Dec. 15. Black & Decker said the job cuts will be made in the U.S. and in Europe. The company's shares closed unchanged at $41.94 on the NYSE.