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CHICAGO, Dec 8 (Reuters) - U.S. industrial conglomerate Danaher Corp (DHR.N) warned on Monday that fourth-quarter earnings would miss targets it set in October because of the global economic downturn and U.S. dollar strength.
The company said it was eliminating 1,700 jobs and shuttering 13 facilities during the quarter in an effort to save money, cuts it said would cost it $90 million in the near term. In addition, it said it was imposing a wage and salary freeze across most of its businesses, moves it said would allow it to “outperform during these challenging times.”
Danaher, which makes everything from Craftsman tools to water treatment systems and dental equipment, said it now expects to report fourth quarter 2008 adjusted earnings in the range of $1.03 to $1.10 a share, well below the range of $1.17 to $1.25 a share it provided in mid-October and down from last year’s $1.12 a share .
It said its net profit, which includes a variety of one-time items, including the restructuring charges, would fall in the range of 82 to 89 cents a share, down from 97 cents last year.
The company said it expects the job cuts and facility closures to generate $100 million in savings next year. (Reporting by James Kelleher; editing by Carol Bishopric)