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AMP cutting 3,500 jobs
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July 17, 1998: 9:55 a.m. ET
Connector maker to close three U.S. plants, move some operations abroad
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NEW YORK (CNNfn) - AMP Inc. said Friday it plans to trim its worldwide workforce by 3,500 employees as the company "simplifies" its business focus in response to pressures in the global marketplace.
AMP, a Harrisburg, Pa.-based supplier of electrical and electronic connectors, said it will achieve the cuts, representing about 7 percent of its workforce, through early retirement, attrition and layoffs.
The company also said it will close three plants in the United States and that it anticipates moving certain production to Europe and Asia over time.
AMP has been plagued by weak sales in the Asia-Pacific region and a strong dollar.
"AMP will take whatever actions are needed to sharpen focus, simplify processes, and increase responsiveness," said William J. Hudson, president and chief executive officer. "We are realigning our manufacturing and support services to reflect a better balance between the United States, the Asia-Pacific region and Europe."
AMP said it expects to take a charge for the restructuring this year.
In June, the company announced mandatory one-week furloughs for 22,000 of its 46,500 employees. AMP also put a freeze on hiring and wage increases at that time.
AMP (AMP) shares closed at 31-11/16 in Thursday trading. 
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AMP Inc.
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