Electronics Maker ITT to Slash 3,400 Jobs
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ITT Industries Inc. said it will lay off 3,400 employees, or 8% of its worldwide work force, because of slack demand for the electronic components it makes for telecommunications, aerospace and other industries.
The White Plains, N.Y.-based company said it would take an after-tax charge of $65 million, or 72 cents a share, in the fourth quarter relating to the layoffs and the consolidation of production facilities. However, the company said the charge will be largely offset by a gain of $60 million, or 66 cents a share, from discontinued operations.
Shares of ITT fell 89 cents to $49 on the NYSE.
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