Tyco Electronics said its power systems division will stop manufacturing operations at a plant in the Dallas suburb of Mesquite and eliminate 700 jobs. The plant, previously owned by AT&T, makes equipment that drives telephone networks and computers.
Shareholders of USX Corp.'s Marathon and U.S. Steel groups have voted to approve a major restructuring of the company that would separate its energy and steel business, the company announced Thursday. Shareholders of USX-U.S. Steel Group common stock will become shareholders in the new company, United States Steel Corp. USX-Marathon Group stockholders will become holders of Marathon Oil Co. stock.
Continental Airlines expects to avoid 3,500 layoffs from the 12,000 job cuts it announced in the aftermath of last month's terrorist attacks, company officials announced Thursday. The airline said Thursday that 3,500 workers have decided to take advantage of Continental's voluntary leave of absence program or an early retirement initiative.
Sabre Holdings Corp., which operates travel-reservation systems for airlines, will eliminate as many as 600 jobs next year.