EMERSON LAYOFFs JOB CUT: 14000 employees may be fired

Emerson Layoff

Emerson Chief Executive David Farr reportedly told an investor meeting today (Feb 6, 2009) that Emerson may cut upto 14000 jobs by October 2009. Emerson global workforce had peaked last year at 141,000. Currently Emerson employes around 134,000 people worldwide. The planned job cut is about 10.5% of the Emerson's total work force.

Reasons for Emerson Layoff

This week, Emerson had reported better than expected quarterly profits mainly due to better sales, cost cuts and sharply higher profits from a unit that makes technology for the oil and gas industry. Despite this, Emerson is contemplating a job cut because it forecasts a drop in sales and outlook for 2009. Emerson has said that 2009 sales could decline by up to 8 percent from last year's levels, citing recent order patterns.

source:Reuters.