Permanent linkBelden, the St. Louis-based manufacturer of cables and numerous other signal-transmission products, will cut 20 percent of its workforce, or 1,800 jobs.
Belden said Wednesday it plans to consolidate production and take charges totaling 85 cents to $1 per share for the moves.
The cuts will save $30 million a year starting in 2009, rising to $50 million a year in 2011.
Belden warned of more charges ahead, saying it will assess its goodwill levels in December and report any impairments in its year-end financials.
The company already closed a plant in Manchester, Conn., earlier this year, affecting 132 employees.
Posted by Sanjay Talwani at 12/04/2008 07:28:51 AM |
These changes within Belden should come as no surprise considering the current state of the economy. However, I personally want to assue our broadcast and audio-video customers that Belden is in a financially healthy situation and these cuts are intended to maintain that position.
Posted by: Steve Lampen ( Email: | Visit ) at 12/7/2008 12:27 AM
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Sad news!
Posted by: Anon ( Email: ) at 12/10/2008 12:03 PM
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