Job Cuts Reduce American Standard Earnings
February 28, 2002
American Standard Cos. Inc. reported lower fourth-quarter earnings, weighed down by the additional costs of cutting 700 more jobs than the 1,000 expected to be eliminated. The jobs will be in support and administrative positions, and more than half will comes from the Trane Division. The New Jersey-based company took a fourth-quarter charge of $53 million to cover the job elimination, and net income fell to $20 million from $59 million a year ago.