After "Bloody Monday," at least 8,500 more jobs are lost at such companies as Corning, Avery Dennison, Target, and Cooper Industries
By Staff and Wire Reports
As the recession continues to dampen the business outlook, corporations large and small announced further layoffs on Jan. 27. More than 7,500 new job cuts were announced, a day after U.S. companies said they were idling at least 50,000 workers.
Among the layoffs announced Jan. 27: Corning (GLW) said it is cutting 3,500 jobs, or 13% of its payroll, as demand slumps for glass used in flat-screen televisions and computers. The specialty glass and ceramics company, the world's largest maker of LCD glass, announced the cutbacks as its fourth-quarter profit plunged 65%, to $249 million, or 16¢ a share, from $717 million, or 45¢ a share, a year earlier.
Avery Dennison (AVY), the world's largest label maker, said it will eliminate about 10% of its workforce, or at least 3,000 jobs. The company says it will incur about $120 million in restructuring costs, most of them booked in 2009. The company said its fourth-quarter profit fell 46% as it implemented a restructuring program to offset higher raw material costs and the weakening economic climate.
Target (TGT) said it is cutting an undisclosed number of staffers in its headquarters as part of an effort to reduce expenses. The discount retailer says in a statement the cuts are part of an effort to "manage payroll and nonpayroll expense in the current economic environment."
Electrical equipment maker Cooper Industries (CBE) reported a 38% drop in fourth-quarter profit and said it has more than doubled its workforce cuts to 2,200 employees worldwide. Houston-based Cooper had said it would cut its workforce by more than 1,000 employees and take a fourth-quarter charge of between $20 million and $22 million.