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Air Products Lowers Outlook, Cuts Workforce by 7%

10:39 AM MST | December 16, 2008 | Nancy Seewald

Air Products says it expects to earn 95 cts-$1/share, excluding restructuring charges, in its fiscal first quarter 2009 ending December 31, about 17% below previous estimates of $1.15-$1.21/share. Air Products cites a “significant drop” in demand in its electronics segment, unfavorable currency exchange rates, and temporary customers shutdowns. The company earned $1.19/share in the same period last year. Air Products also announced plans to eliminate about 1,300 jobs, about 7% of its total workforce, and exit certain “small” product lines...

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