Avery Dennison Corp. said it plans to fire 450 employees, or 2.5% of its work force, and lowered its second-quarter profit forecast.
The Pasadena-based office products maker said it expects to earn 60 cents to 64 cents a share for the quarter ending June 30. Earlier the company said it would earn 68 cents to 72 cents. Analysts had expected it to earn 70 cents.
Avery earlier said it would fire 350 workers to reduce costs, although sales growth in Europe, Asia and Latin America fell, causing the company to cut 100 additional jobs, spokesman Charles Coleman said. The company has 17,900 employees.
Avery shares rose 72 cents to close at $54.72 on the New York Stock Exchange.