TOWSON, Md. (AP) -- The Black & Decker Corp. says it's cutting the base salaries of its top executives while ending its matching contributions to employees retirement savings programs.
The power tool maker said in a regulatory filing Friday that it's also cutting base salaries for other workers by between 2.5 to 5 percent.
The filing with the Securites and Exchange Commission says the changes were to take affect in April. It wasn't immediately clear how much money the Towson, Md.-based manufacturer hoped to save.
Black & Decker says the "unprecedented challenges of the global economy" have hurt revenues, leading to the cuts.