Danaher Layoffs Job Cut: fires 1700 employees

The economic situation is worsening in multiple sectors. The latest one to add to the list is the Danaher Corporation, a fortune 500 company has decided to layoff 1700 employees.

Danaher Corporation is into manufacturing business and is based in Washington, and makes tools, sensors and medical equipment, makes everything from Craftsman tools to water treatment systems and dental equipment

How many employees will be laid off in Danaher Layoffs Job Cut?
Around 1700 employees will be fired in the layoffs.

Any locations and facilites affected by Danaher Layoffs Job Cut
Yes. It is learnt that along with the job cuts, 13 facilities will be shut down.

How much savings can be made due to Danaher Layoffs Job Cut
Around 100 million USD can be saved by the layoffs and closure of facilities.

When will the Danaher Layoffs Job Cut happen?
The developments will take place in the fourth quarter of 2008.

What are the reasons for Danaher Layoffs Job Cut
The company blamed the "current economic backdrop."

Any pay cuts by Danaher ?
Yes. the company will be imposing a wage and salary freeze across most of its businesses, moves it said would allow it to "outperform during these challenging times."

As per the news, it now expects to report fourth quarter 2008 adjusted earnings in the range of $1.03 to $1.10 a share, well below the range of $1.17 to $1.25 a share it provided in mid-October and down from last year's $1.12 a share. It said its net profit, which includes a variety of one-time items, including the restructuring charges, would fall in the range of 82 to 89 cents a share, down from 97 cents last year.

Let's hope that alternative jobs are available to the affected employees of Danaher Layoffs Job Cut.