Source AP ©

Wolseley to cut 1,300 more jobs due to business recession

U.S. housing trade recession made Wolseley PLC, the world's largest distributor of plumbing products, clash 1 ,300 more jobs in the United States.

Wolseley has already cut 1,700 jobs in the U.S. and will cut a further 1,300 in the second fiscal quarter, it said in a statement.

"The group's results continued to be affected by the slowing U.S. housing market, low consumer confidence ... and the weakness of the dollar," Wolseley said. "Against this background, the group has taken further action to adjust its cost base."

The company said the combined annual savings relating to the job cuts, which represents about 5 percent of its total work force, will be 60 million pounds (US$124.2 million; EUR83.6 million).

The company also said revenue advanced more than 5 percent in the three months through Oct. 31. It did not give specific figures.

Wolseley shares dropped 1.9 percent to 629 pence (US$13.02; euro 8.76) on the London Stock Exchange.

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