Gardner Denver to trim 9% of salaried jobs

Gardner Denver Inc., the maker of Oberdorfer pumps, plans to cut its salaried workforce by 9 percent in the next nine months as demand for compressors and industrial products erodes faster than the company anticipated.

Fourth-quarter earnings will be 48 cents to 52 cents a share, less than its previous forecast of 77 cents to 83 cents, the Quincy-based company said today in a statement. The average of six analysts' estimates compiled by Bloomberg was for profit of 87 cents a share.

Demand for industrial pumps and compressors in the U.S. and Europe has weakened "significantly faster" than expected as manufacturing capacity utilization has fallen, Chief Executive Officer Barry Pennypacker said in the statement. Gardner Denver also is closing a U.K. plant as part of its October acquisition of CompAir Holdings Ltd. and will take a $5 million charge this quarter.

"The decline in demand has translated into lower revenues, operating margins and diluted earnings per share," Pennypacker said. "We are uncertain how long orders will remain at these depressed levels."

The company had 6,200 employees as of Dec. 31, according to Bloomberg data. Gardner Denver fell $1.39, or 5.8 percent, to $22.40 at 9:43 a.m. in New York Stock Exchange composite trading. It had lost 28 percent this year before today.