Belden, the St. Louis-based manufacturer of cables and numerous other signal-transmission products, will save $30 million a year starting in 2009, rising to $50 million a year in 2011, as a result of cutting 20 percent of its workforce, or 1,800 jobs.
It said last week it plans to consolidate production and take charges totaling 85 cents to $1 per share for the moves.
Belden warned of more charges ahead, saying it will assess its goodwill levels in December and report any impairments in its year-end financials.
The company already closed a plant in Manchester, Conn., earlier this year, affecting 132 employees.
— TV Technology
