Electronics maker itt to slash 3,400 jobs
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ITT Industries Inc. said it will lay off 3,400 employees, or 8% of its worldwide work force, because of slack demand for the electronic components it makes for telecommunications, aerospace
and other industries. The White Plains, N.Y.-based company said it would take an after-tax charge of $65 million, or 72 cents a share, in the fourth quarter relating to the layoffs and the
consolidation of production facilities. However, the company said the charge will be largely offset by a gain of $60 million, or 66 cents a share, from discontinued operations. Shares of ITT
fell 89 cents to $49 on the NYSE. MORE TO READ