American Standard Pares 1,000 Jobs As Sales Decline
Piscataway, NJ American Standard Companies Inc., the plumbing products giant based here, has released some 1,000 employees in an effort to cut some $40 million in annual costs, the company announced.
The job cuts, announced last month, involved administrative and support personnel at the $7.6-billion company, which also produces air conditioners, and automotive brakes. The 1,000 jobs represented some 5% of the total salaried workforce at the publicly traded company, American Standard officials said.
Not affected by the cuts were sales or production workers, said chairman and CEO Fred Poses, who told Wall Street stock analysts that American Standard "will be able to respond to any upturn [in the economy], whenever it comes."
The workforce reduction represented American Standard's second round of job cuts this year in response to a drop in sales and "the uncertainty and difficult times" following the Sept. 11 terrorist attacks on America.