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The eBearing News
October 18, 2000
Ingersoll-Rand Reports Earnings,
Plans Layoffs and Plant Closings
copyright © 2000 eBearing Inc.
Ingersoll-Rand (Woodcliff Lake, New Jersey) announced 3Q2000 financial results while at the same
time revealing a massive cost-cutting initiative that will
see its workforce cut by 8% (4,000 people) and 51 facilities closed by the end of 2001.
Ingersoll-Rand is the parent company of Torrington Bearing.
I-R has not said where the closings will occur, but that, "all business sectors...pretty well
across the board, across the globe," are involved.
Duplicate operations in the recently-acquired Hussman International refrigeration products
business are the only ones so far acknowledged as being on the agenda. Of the other 51 operations to be closed,
18 will be manufacturing plants, while the remaining 33 will be sales offices and
administrative facilities.
It is well known that Torrington is under Ingersoll-Rand's microscope, and that
Torrington and the other bearing companies under it have been for sale for some time.
Reporting 3Q2000 earnings, the company cited a depressed Euro, high oil prices and a slowdown in
the heavy truck and trailer markets. In consequence, I-R warned that results from continuing
operations will come in at the low end of the company's previously-stated range of
$3.75 per share to $3.85 per share.
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- by Bruce A. Carr
from individual research,
tips and commercial sources.
Unauthorized reproduction is prohibited.
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eBearing.com ... for everything that moves™
Entire contents Copyright 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered
trademarks of eBearing Inc.
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eBearing.com ... for everything that moves™
Entire contents Copyright © 1999-2008, eBearing Inc. All rights reserved.
eBearing.com and "... for everything that moves" are registered trademarks of eBearing Inc.
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