ATLANTA (AP) -- Lighting-equipment maker Acuity Brands Inc. said Tuesday it will cut 800 jobs and close two manufacturing plants in an effort to offset a weak construction environment and rising costs.
The company will take a special cash charge of $17 million for the moves.
It will also expects a non-cash charge for an undetermined amount for impairment of assets related to the closing of the two plants and downsizing a third plant.
It expects to save more than $36 million beginning in 2009.
The consolidation of manufacturing operations is scheduled to be finished by the fiscal fourth quarter of 2009.
The 800 staff cuts include manufactured and salaried positions, mostly in non-customer interfacing areas of the business.
"These actions are necessary for us to better leverage our supply chain capabilities, improve service to our customers, and enhance and focus our organizational capabilities," said Vernon J. Nagel, chairman, president, and chief executive, in a statement.
The news came as Acuity said its fourth-quarter profit fell 19 percent amid rising costs and weak demand in the residential housing market and for new store construction in some retail channels.
Shares of Acuity fell $2.40, or 6.5 percent, to $34.41 in morning trading. The stock has ranged from $33.57 to $53.91 over the past year.