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Wolseley set to cut 3,000 US jobs Wolseley set to cut 1,300 US jobs
(about 2 hours later)
Building and plumbing firm Wolseley is to cut around 3,000 jobs in North America after being hit by the slowing US housing market. Building and plumbing firm Wolseley plans to cut around 1,300 more jobs in North America after being hit by the slowing US housing market.
The firm said it would reduce headcount by 1,700 and planned a further 1,300 cuts later, saying it would save £60m. The move comes after the firm reduced headcount by 1,700 in the three months to the end of October.
Low consumer confidence combined with the weak dollar were making trading tough, the company said, with its US business seeing a 30% profit fall. Low consumer confidence and the weak dollar were making trading tough in the US, it said. The firm says the combined cuts will help save the firm £60m.
The Reading-based firm saw its overall quarterly profits fall 15%. Reading-based Wolseley saw its overall quarterly profits fall 15%.
Meanwhile the firm, which has the brands Plumb Center and Build Center, saw European profit rise 15% during the three months to the end of October.Meanwhile the firm, which has the brands Plumb Center and Build Center, saw European profit rise 15% during the three months to the end of October.
"The group continues to take swift and decisive action in the more challenging business conditions" said Chip Hornby, group chief executive of Wolseley. "The group continues to take swift and decisive action in the more challenging business conditions" said Chip Hornsby, group chief executive of Wolseley.
The job cuts follow about 4,650 people losing their positions last year.