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AMP to slash 8,000 jobs
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April 29, 1999: 3:47 p.m. ET
Reductions intended to save company $1 billion over next two years
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NEW YORK (CNNfn) - AMP Inc. Thursday said it will cut 8,000 jobs, or nearly 17 percent of its worldwide workforce, in an effort to save $1 billion over the next two years.
Last year, AMP, a Harrisburg, Pa.-based electrical equipment maker, had set a plan to eliminate 4,800 jobs in an effort to streamline its operations. That effort failed, however, because the company eventually refilled all those positions.
The latest round of cuts comes four weeks after medical products maker Tyco International (TYC) completed its $11 billion buyout of AMP.
About half of the job cuts will take place in the United States.
"While any workforce reduction is very difficult, this restructuring is designed to save the overwhelming majority of jobs at AMP," Juergen Gromer, AMP president, said.
AMP makes electrical connectors for devices included in automobiles, computers and refrigerators.
Tyco shares fell 1-13/16 to 82-5/8 in afternoon trading. 
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