recently put 5,000 workers in its U.S. electronics business on two to three weeks of unpaid leave, according to a published report.
Quoting a company spokeswoman,
The Wall Street Journal
reported that Tyco has been facing softening sales amid "inventory adjustments" in its largest unit, which makes electrical connectors, conduits and printed circuit boards. The spokeswoman, who also said second-quarter profits wouldn't be affected, said that 80% of the affected workers have since returned to work.
Shares of the company, which maintains its corporate headquarters in Exeter, N.H., recently slipped 8 cents, or 0.2%, to $54.92 on the
New York Stock Exchange
Tyco reportedly remains comfortable with the 13-analyst earnings estimate of 61 cents a share for the second quarter, as tabulated by
First Call/Thomson Financial
. The spokeswoman also said Tyco continues to add workers in other operations.
Tyco's electronics business employs about 80,000 people, while the company as a whole, which controls businesses in five industry segments, has about 200,000 workers.