Singer Co. said it will close factories and fire about 6,000 workers, or 28 percent of its staff, to cut costs and boost the sewing machine company’s profits.
The company also ousted chief executive Iftikhar Ahmed because of Singer’s poor performance. He will be replaced by Stephen H. Goodman, 53, who was a Singer executive before he went to Bankers Trust New York Corp. in 1986.
The company, which had declining earnings the last two years, saw its problems speed up in July when some Asian currencies slumped in value against the U.S. dollar. Asia accounts for a third of Singer’s sales.
Singer is the largest maker of commercial and industrial sewing machines, with about 43 percent of the consumer market and 20 percent of the industrial market.
Singer said it will eliminate 5,531 manufacturing jobs and 437 marketing jobs as it trims excess capacity.
In an interview, Goodman said that the company will close three plants.
