MINNEAPOLIS (AP) -- Water treatment and storage systems maker Pentair Inc. said Thursday it will cut more than 10 percent of its work force, or about 1,600 jobs, due to a faster-than-expected dropoff in demand and consumer spending.
The company expects the job cuts to lower expenses by more than $75 million. Pentair also implemented a hiring freeze and said it will not give annual salary increases.
In July, Pentair said it would close its Sheboygan, Wis., plant, eliminating about 350 jobs.
Pentair has been looking for ways to pay down its debt and agreed last month to sell its spa and bath business to Balboa Water Group for an undisclosed sum of cash.
"The speed and impact of sluggish demand in global markets and consumer spending has had a deeper impact on our orders and sales volumes than we previously expected," Chairman and Chief Executive Randy Hogan said in a statement.
Pentair plans to shutter 15 plants by the end of 2009 as compared with the end of 2007.