Thursday January 29, 07:06 PM
STOCKS NEWS US-Top US manufacturers cutting capex to save cash
Stocks on the move Real (Frankfurt: BJU1.F - news) -time Equity news
U.S. stock market report
1345 ET 29Jan2009-Top U.S. manufacturers cutting capex to preserve cash
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Several top U.S. manufacturers, including Textron (NYSE: TXT - news) and Dow component
3M Co, are cutting back on capital spending in an attempt to preserve
cash as the recession deepens.
Lewis Campbell, the chief executive of Textron, said 2009 'is setting up to
be the most challenging year ever for most manufacturing companies.' Textron is
cutting its capital spending by 42 percent in 2009, to $250 million. 3M said it
would cut its spending by 30 percent, as well as halt stock repurchasing
programs.
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