ITT announces 3,400 job cuts in US and overseas
According to a Financial Times article of Dec. 14, 2001 ITT Industries, the US manufacturing group with products ranging from electronic components to valves and pumps, is to cut about 3,400 jobs - approximately 8 per cent of its workforce - as it fights the economic slowdown.
The job cuts would come both in the US and overseas. News of the job cuts came as ITT said that it expected revenues in 2001 to be about 4 per cent below last year's level.
ITT said that to date its defence and water/waste-water-related businesses had held up relatively well. However, its connectors and switches interests had been hard hit by the drop in end-product demand.
Next year it predicts flat revenue from the pumps division, growth in the defence business, but further revenue declines in specialty products and connectors/switches.
Source: ITT Inc.