American Standard reported flat third quarter earnings of $1.23 per diluted share, the same as third quarter last year, on revenues of $1.89 billion, down 4 percent compared with the record-setting quarter a year ago. The company is planing to cut its workforce by about 1,000 salaried employees. The workforce reduction will result in a pretax charge against fourth quarter earnings of about $25 million and will produce savings of about $40 million in 2002.
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For plumbers in Flint, Mich., “it’s been a heck of a year,” said Harold T. Harrington, a master plumber and pipefitter working as the business manager for Flint’s United Association of Plumbers and Pipefitters, Local 370. Read more stories in 2017 March Issue.