Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LIBERTY CORNER, NJ-The Fedders Corp., one of the country’s leading makers of air conditioning equipment, will cut a total of about 800 jobs from its worldwide workforce, and will shuffle its manufacturing production around. The major move will be the closure of a manufacturing plant in Maryland. None of the cuts will come in New Jersey.

Besides the closure of the company’s Maryland facility, production is slated to be cut back in facilities in Illinois, North Carolina and Tennessee, according to company officials. Much of that lost production could resurface in Asia–in particular, Fedders plans to boost production of air conditioning units in China, and will start turning out dehumidifiers, rotary compressors and other related products elsewhere in Asia.

Fedders will take a fiscal fourth quarter (ending August 31) charge of between $18 million and $22 million. The charge is tied specifically to job cuts, production shut-downs and the write-off of inventories.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information

GlobeSt. NET LEASE Awards 2021Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.