Pentair cuts 1,600 jobs
The 1,600 jobs represent more than 10 percent of Pentair's workforce. Most of the cuts have already been made or are in process.
In all, Pentair plans to close 15 facilities by the end of next year -- eight in the U.S. and seven in other countries around the world.
Pentair's Minnesota operation will cut 110 jobs. The company employs about 2,000 in the state.
Company officals say the cuts began in September, and most have already been completed or will be complete by the end of the year.
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A Pentair spokeswoman said the economic downturn forced the move.
Pentair took steps earlier this year to prepare for the downturn, but spokeswoman Rachael Jarosh said more drastic action was needed. She said global economic conditions declined much more quickly and intensely than the company expected.
In addition to the layoffs, Pentair also froze hiring and salary increases. It has also sold its spa and bath division.
Officials say those measures will result in cost savings of $75 million.
The company expects fourth quarter sales to be approximately $770 million, down from earlier estimates of $840 million.
Demand is expected to decline further next year; the company expects sales to be down by 8-10 percent next year.
Pentair provides systems and products used to move, treat and store water. Its technical products group designs and manufactures thermal management products and enclosures that house and protect sensitive electronics and electrical components.
Last year, the company had revenues of $3.3 billion.