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February News in Brief

01 February, 2009

♦  Emerson Electric is planning to cut up to 14,000 jobs this year in addition to the 7,000 losses it announced in October. The company, whose subsidiaries include Control Techniques, Leroy Somer and Asco Joucomatic, plans to close 28 factories and to open four this year. By the end of September, Emerson expects to be employing about 120,000 people globally, compared to 141,000 a year before. The company has also cut the salaries of its five top executives, reduced bonuses, and put a six-month delay on salary increases.

♦  The miniature bearings market-leader Minebea is acquiring the German manufacturer myonic, which specialises in precision bearings, mainly for medical applications. The deal includes myonic’s headquarters in Leutkirch, and its assembly plant in the Czech Republic.




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