Wednesday, January 28, 2009

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More than 11,500 job cuts announced Tuesday

The bloodletting for the U.S. job market continues as companies across the economic spectrum announce a slew of work force reductions.

The job market continued to take a beating Tuesday, as six companies across several industries announced more than 11,500 job cuts Tuesday.

High-tech glass and ceramics maker Corning Inc. (GLW, Fortune 500) announced it will cut 3,500 jobs, or 13% of the company's workforce, by the end of 2009.

Meanwhile, oil field services company Baker Hughes (BHI, Fortune 500) announced it will cut 1,500 employees worldwide. That's about 4% of its work force, and 850 of the cuts will be from the company's North American work force.

And Navistar International Corp. (NAV) said it will close its Indianapolis engine plant and Indianapolis Casting Corporation factory at the end of July. About 700 employees will lose their jobs as a result, a Navistar spokesperson said.

Meanwhile, specialty chemicals and office products company Avery Dennison (AVY, Fortune 500) announced it will cut approximately 3,600 employees worldwide over the next two years "in response to challenging economic conditions." Details were unclear, as the plan is still in development. Navistar's stock closed up 4.56%, to $28.66.

Volvo Trucks North America announced permanent layoffs of 650 hourly employees in March and April at its plant in Dublin, Va. A spokesman said declining demand caused the 40% workforce reduction at the plant.

Forest product company Weyerhaeuser (WY, Fortune 500) announced it will close two mills in Washington and cut approximately 220 jobs "due to weak market conditions."

Target (TGT, Fortune 500), the second-largest U.S. discounter after Wal-Mart (WMT, Fortune 500), announced 1,500 job cuts. The Work force reduction affects 9% of employees at its headquarters, including the elimination of about 600 employees and 400 open positions, primarily in the Twin Cities area. The majority of those changes are effective today.


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