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Automation group slashes 600 jobs

The world’s largest factory automation products manufacturer, Rockwell Automation, plans to cut 600 of its staff amid tight credit conditions and slowing sales, according to a report from Bloomberg.

The United States-based manufacturing giant said it will cut 3 per cent of its 20,000 employees, mostly in the sales and administrative sectors.

The US government told media this week that factories decreased in August by the most in a year due to the tight financial conditions.

“The credit crunch is hitting home as the manufacturing sector has taken a major turn for the worse,” said Naroff Economic Advisors Inc president, Joel Naroff, as reported by Bloomberg.

According to a report in the Erie Times News, Rockwell said its job cuts were “in light of current and anticipated market conditions.”

CNN Money anticipates the move will save Rockwell $50 million, which will be passed along to share holders in due course.

It is unclear at this stage whether the Australian business will be affected by its parent-company’s reduced credit.

Rockwell Automation supplies power, control and information systems and services designed to help manufacturing companies better control their output.

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