Black & Decker cutting 700 jobs
From Times Wire Services
Black & Decker Corp. will cut about 700 jobs, or about 3% of its workforce, and close a plant in Arkansas in the wake of a disappointing quarterly earnings report.
The Towson, Md.-based power tool maker made the announcement after reporting that first-quarter earnings declined 37.6% from a year earlier, citing the slumping housing market and the sub-prime mortgage crisis.
Black & Decker employs about 25,000 people worldwide.
