Plumbing products supplier Watts Water Technologies Inc. said it would cut jobs, freeze salaries and suspend its stock buyback program to save costs, even as it reported aquarterly profit.
The company said it was implementing these actions due to
the current state of the economy and the expected continued slowdown in its
residential and commercial businesses.
"All discretionary spending is being reviewed and
limited where possible and we are performing a review of our manufacturing
footprint to identify opportunities for further consolidation," Chief
Executive Officer Patrick O'Keefe said.
Watts Water said the workforce reduction would be in North
America across all levels of the organization during the fourth quarter. The
company will take severance charges in that quarter, it said.
The company said effective immediately all North American
salaries will be frozen for at least the first nine months of 2009.