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Milacron Cuts Jobs

March 21, 2001|Bloomberg News

Milacron Inc., a maker of plastics-processing equipment, cut 300 jobs and said first-quarter and full-year profits won't meet forecasts because of a drop in demand from the automotive industry. The company employs about 10,500 people worldwide. Profit is expected to be 10 cents to 15 cents a share in the quarter, Milacron said. Analysts on average were expecting 38 cents, according to First Call/Thomson Financial. Profit may be down as much as 35% and sales may drop by 10% from last year. The company expects a drop in sales of $45 million, or 12%, in the first quarter. Shares of Cincinnati-based Milacron fell $1.12 to close at $19.77 on the NYSE.

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