The number of companies announcing layoffs is growing dramaticlly.
The Cleveland Business Press Reports the following:
Cleveland-based Eaton Corp. (NYSE: ETN) said it’s laying off more than 5,000 people, or more than 6% of its work force, as a result of the global economic slowdown.
“We are reducing our global staffing level by about 5,200,” said Eaton spokeswoman Kelly Jasko. “This is a global impact, and the reason for it is to further align our cost structures with the weakening markets that we compete in.”
The layoffs will include about 60 employees at Eaton’s five locations in and around Cleveland, where the company employs about 800 people, Ms. Jasko said. Employees will be told in the next few weeks whether their jobs are being cut; those affected will receive severance pay, the opportunity to continue their benefits and outplacement services, Ms. Jasko said.
In all, Eaton employs about 80,000 people around the world. The company has 225 manufacturing facilities worldwide and sells products in more than 150 countries.
The recent cuts come on top of 3,400 layoffs that Eaton announced in December, which also were spread around its operations worldwide. Today’s announcement comes less than a week before Eaton is set to release its quarterly and full-year financial results on Jan. 26.[...]
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