Lennox to Cut 340 Jobs, Post 4th-Quarter Loss
Lennox International Inc., which makes heating and air-conditioning products, will fire 340 employees to reduce costs and have a fourth-quarter loss because of lower sales and costs related to the job reductions.
Lennox said it will have $32million in costs before taxes in the fourth quarter and $8million in the first quarter related to the job cuts. The company expects to save $7million before taxes starting in the second quarter and $11million a year beginning in 2003 from the firings.
Shares of Richardson, Texas-based Lennox fell 6 cents to $9.83 on the NYSE.
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