Black & Decker Corp. said will cut 550 jobs at a factory in northeast England as the U.S. power-tool maker reduces costs to compete with rival products from Asia.
The job cuts affect a plant in Spennymoor, County Durham, and a further 400 temporary contracts won't be renewed. Black & Decker will shift some production to the Czech Republic, the company said. Maryland, U.S.-based Black & Decker has shuttered three plants in the U.S. and switched some manufacturing to Mexico and China as part of CEO Nolan Archibald's plan to save U.S. $60 million a year. (Bloomberg News)
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