West Kingston-based American Power Conversion Corp. will cut about 17 percent of its global work force, a move expected to save the computer-equipment maker $10 million annually. Approximately 70 Rhode Island jobs will be cut.
A spokeswoman said late last week that the company will lay off between 1,000 to 1,050 employees. At the end of 2001, American Power, which makes surge protectors and backup power supplies for computers and networks, had about 6,200 workers.
Much of the work-force reduction will occur in the Philippines , where American Power is consolidating manufacturing operations, closing a plant in the province of Laguna.
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"We have made tremendous progress effectively identifying priorities and reducing expenses, but we remain diligent in our efforts to improve our competitive and financial position," President and Chief Executive Rodger B. Dowdell Jr. said in a written statement.
American Power Conversion, which announced the news after the close of trading last Thursday, said the job cuts will occur during the first half of this year.
In 2001, the company reported earnings, excluding charges, of $130.2 million, or 66 cents a share, on sales of $1.43 billion.
