The parent of major hvac equipment manufacturer The Trane Company said that the cuts would be made in each of the firm’s three businesses, but did not reveal which plant would be closed.
The firm said that this will result in a pretax charge of about $82 million for the fourth quarter of 2000, but that it would be fully offset by the gain from the recently announced sale of its Calorex water heater business.
“These changes will eliminate job duplications and bring our operations closer to customers, enhancing our efficiency and competitive position across all business lines,” stated Frederic Poses, chairman and chief executive officer.
“We expect these actions will generate savings of more than $50 million annually on an ongoing basis.”
Publication date: 01/08/2001