Plumbing
products supplier Watts Water Technologies Inc. said it would cut jobs, freeze
salaries and suspend its stock buyback program to save costs, even as it
reported a quarterly profit.
Plumbing
products supplier Watts Water Technologies Inc. said it would cut jobs, freeze
salaries and suspend its stock buyback program to save costs, even as it
reported aquarterly profit.
The company said it was implementing these actions due to the current state of
the economy and the expected continued slowdown in its residential and
commercial businesses.
"All discretionary spending is being reviewed and limited where possible
and we are performing a review of our manufacturing footprint to identify
opportunities for further consolidation," Chief Executive Officer Patrick
O'Keefe said.
Watts Water said the workforce reduction would be in North America across all
levels of the organization during the fourth quarter. The company will take
severance charges in that quarter, it said.
The company said effective immediately all North American salaries will be
frozen for at least the first nine months of 2009.