Baldor Electric to cut 900 jobs
Baldor Electric Co. said in a regulatory filing that it plans to cut 900 jobs by June 2009 and expects a much tougher environment in the next year.
The company, which makes electric motors, power transmission products, drives and generators, said it sees single-digit decline in recent incoming orders.
Baldor said it expects to reduce 475 jobs by December and another 425 by June. As of Jan. 31, the Fort Smith, Arkansas-based company had about 8,083 employees.
Estimated savings from the job cuts would be about $30 million in 2009, the company said in a filing with the U.S. Securities and Exchange Commission.
From Reuters
