Singer Restructures, Lays Off About 6,000

American sewing machine and consumer products maker Singer Co. announced a sweeping restructuring plan, including massive job cuts and the naming of a new president and chief executive. Singer brought back its former treasurer, Stephen Goodman, from a stint at Bankers Trust to be its new president and CEO. He replaces Iftikhar Ahmed as president, who had been with the company for 31 years. The company said Ahmed will remain on its board of directors and serve as a consultant. Singer said more than one-quarter of its work force, or 5,968 jobs, would be cut as part of the integration of its industrial and consumer sewing machine production units with those of Pfaff, which it recently acquired for $157.5 million. The job cuts include 5,531 manufacturing jobs and 437 in marketing. The restructuring comes as the company tries to regain its footing after currency turmoil in Mexico in 1994 and present troubles in Asia put a drag on its financial performance. New York-based Singer estimated that the restructuring program will reduce its costs by $104 million annually when fully implemented over the next three years. Improved inventory management is expected to contribute a further $105 million over the next three years. Singer shares rose $1.98 to $13.29 on the NYSE.