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.

Comments
Macron challenges Trump. French independence and croissants at stake
Russia’s sanctions against Ukraine send message to Washington
Russia sells arms to Asia to maintain peace in the world
The Amazon and the New Conquistadores
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Castro sued over alleged torture
Macron challenges Trump. French independence and croissants at stake
Castro sued over alleged torture
Malaysia complains of faulty Russian Sukhoi Su-30 fighter jets
Castro sued over alleged torture
Castro sued over alleged torture
Putin dislikes the idea of US army bases coming to Kuril Islands
Castro sued over alleged torture
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Putin's three days in Singapore mark Russia's major geopolitical changes since 2000
Russians lose faith in their future, get ready for worse
Macron challenges Trump. French independence and croissants at stake
Russia unveils nuclear-powered interstellar spaceship
Russia unveils nuclear-powered interstellar spaceship
Moving inexorably towards war
Russians lose faith in their future, get ready for worse