SPX to Cut 2,000 Jobs, Close 49 Facilities

Industrial products manufacturer SPX Corp. said it will cut 7% of its work force and close 49 facilities during the next year, related to its recent acquisition of Canadian machinery maker United Dominion Industries.

SPX said it will let go 2,000 of its 28,000 workers in a move to save it more than $100 million a year.

Muskegon, Mich.-based SPX also said its second-quarter earnings rose 14% to $54.4 million, or $1.51 a share, a penny better than expectations, as it cut costs. Revenue rose 31% to $910.1 million.

SPX is targeting earnings of $1.60 a share for its third quarter. The company also said it was confident in its forecast of earnings of $6.50 a share for the full-year 2001, compared with $5.91 a share last year.