Tyco Places 5,000 Workers on Unpaid Leave
The Wall Street Journal reported online that Tyco International Ltd. (Pembroke, Bermuda) has placed about 5,000 workers in its US electronics business on unpaid leave for two to three weeks. The company cited “inventory adjustments" by some customers as the cause.
Company spokeswoman Judith Czelusniak was quoted as saying that the suspensions began earlier in the current quarter at plants across the country, including California, North Carolina and Pennsylvania, as well as some parts of Boston. Approximately 80 percent of the affected workers have since returned to work, she said, and the incidents are not expected to affect earnings.
Czelusniak was further quoted as saying that Tyco does not have any plans for permanent job cuts or layoffs, nor is it instituting furloughs in any other divisions.