Belden to Cut Jobs 20 Percent

The company already closed a plant in Manchester, Conn., earlier this year.
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Belden, the St. Louis-based manufacturer of cables and numerous other signal-transmission products, will cut 20 percent of its workforce, or 1,800 jobs.

Belden said Wednesday it plans to consolidate production and take charges totaling 85 cents to $1 per share for the moves.

The cuts will save $30 million a year starting in 2009, rising to $50 million a year in 2011.

Belden warned of more charges ahead, saying it will assess its goodwill levels in December and report any impairments in its year-end financials.

The company already closed a plant in Manchester, Conn., earlier this year, affecting 132 employees.