Black & Decker Corp. said Tuesday it will cut 3,000 jobs, or 10 percent of its work force, and sell three of its least-profitable businesses, including most of its household-products unit, which makes SnakeLights and Toast-R-Ovens.
As part of a plan to cut costs and boost earnings, the company will take charges of $1.15 billion to write off goodwill and pay for the layoffs.
Selling the businesses will raise about $500 million to buy back 10 percent, or 9.5 million, of its outstanding shares.
The restructuring will allow the Towson-based company to focus on its main products, including Black & Decker and DeWalt power tools, Kwikset locks and Price Pfister faucets.
The company also said that fourth-quarter earnings rose
7 percent, to $97 million, or $1 a diluted share, from $87.8
million, or 91 cents, a year earlier.
Black & Decker’s stock rose $4.50 to a record high of $47.31 in heavy trading totaling 1.83 million shares.
