November 7, 2008 / 11:10 PM / 11 years ago

UPDATE 1-USG cuts 900 jobs as economy deteriorates

NEW YORK, Nov 7 (Reuters) - U.S. building materials maker USG Corp USG.N said on Friday it was cutting around 900 jobs, or 20 percent of its salaried positions.

The company said the layoff plan began on Monday. USG said it expected charges in a range of $35 million to $45 million from the jobs cut plan in the current and next quarters.

The company has posted a net loss of $125 million in the first nine months of 2008 as the housing market slumped and raw material prices increased.

In the same period, sales fell around 10 percent to $3.6 billion.

U.S. jobless rate shot to a 14-1/2-year high last month as employers slashed 240,000 positions.

USG's shares have fallen 60 percent this year, while the S&P 500 index .SPX sank 36 percent. (Reporting by Juan Lagorio, editing by xxxx)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below