Anixter Exits Korean Market, Cuts Jobs

SKOKIE, Ill., Sept. 13 -- Anixter International Inc. is exiting the Korean market, cutting 14 percent of its staff and expects third and fourth quarter sales to be lower due to the economic slowdown and deterioration in the telecom and technology markets.

The distributor of communication products, said it expects its fiscal third and fourth quarters sales to be 10 to 15 percent lower than a year earlier. Anixter said it was exiting the Korean market and would take a $5.5 to $6 million charge in the third quarter for that action. Net income for the third quarter now is expected to range between $7 to $7.5 million, or 18 to 20 cents per diluted share, before the one-time charges.