Connector Giant Will Eliminate 8000 Jobs
Amp Inc. in Harrisburg, Pa., plans to eliminate about 8000 jobs, or 16 percent of its work force of 48,800, as its new owners mount an initiative to regain leadership in the connector market. Bermuda-based Tyco International Ltd. purchased the business in April.
The move follows a year of restructuring efforts for Amp. Last year, the company reorganized its management team and cut 4,800 jobs in a plan to save $400 million. However, it was forced to replace those jobs within months, according to Amp's president, Jurgen Gromer. The current round of layoffs is aimed at saving $1 billion over the next two years.
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