Eaton Plans 5,200 More Job Cuts
Components maker Eaton Corp. said it plans to cut 5,200 jobs worldwide following its 3,400 job cuts last year, due to lower demand, Bloomberg reported Wednesday.
The two rounds of reductions represent about 10% of Eaton鈥檚 workforce and the company began notifying employees of the measures Tuesday, Bloomberg reported, citing a company spokeswoman.
Chief Executive Officer Alexander Cutler said last month that Eaton鈥檚 automotive, truck and hydraulics operations experienced a 鈥渄ramatic deceleration鈥 in demand, Bloomberg reported.
Eaton cut 3,400 jobs in 2008 and anticipated further cost-cutting actions in early 2009, Bloomberg said. The company had about 83,000 workers during its peak employment last year.