Collins & Aikman used most of the proceeds from a June stock sale to buy back $133 million in preferred stock that was issued as part of its $1.28 billion purchase of the car-trim division of Textron Inc. in December.
Mr. Bitter said the company would phase out most of its work in the Queens mill in May and June, but would continue to rent a portion of the mill from the new owners for the company's trim manufacturing division, archives and studio offices.
For one thing, it costs less, allowing companies to trim sales divisions and close small, inefficient branches.
A month earlier, York had called on the company to slash its dividend in half, cut executive and employee compensation, and trim certain divisions.
After all, he hopes only to break even at group operating level this year and to trim the car division's losses next year.
Last year, Verizon's wireline division trimmed its work force by buying out 11,900 workers.
Vowing to deliver annual share growth of half a percent and operating income growth of 4% to 6% in a market that's been shrinking at a rate of almost 2% a year, he's trimming down the division by 2,100 workers and shuttering aging plants in Richmond, Va . and Louisville, Ky
Vowing to deliver annual share growth of half a percent and operating income growth of 4% to 6% in a market that's been shrinking at a rate of almost 2% a year, he's trimming down the division by 2,100 workers and shuttering aging U.S. plants.
Plans to trim the semi-professional division from 14 to 10 teams were approved by most Premiership clubs.
International Business Machines ibm dropped over 3% after the computer maker, said it's cutting 5% to 10% of workers in its 10,000- person PC division to trim expenses in the money-losing unit.
