UPDATE 1-Black & Decker slashes dividend
* Cuts dividend 71 pct to $0.12/shr
* Sees reducing cash outflows by $54 mln in 2009
April 30 (Reuters) - Tool maker Black & Decker Corp BDK.N slashed its quarterly dividend by 71 percent as the U.S. manufacturer took yet another measure to cut costs in a tough business environment.
Black & Decker, which also makes home-improvement products, cut its dividend to 12 cents a share from 42 cents.
The company said the dividend cut will reduce cash outflows by $54 million in 2009.
Last week, the company posted a 93 percent drop in quarterly net profit, cut its 2009 outlook and said it would evaluate its dividend payout. [ID:nBNG60910]
The company has been hit by the housing slump, which has weakened demand for its power tools, locks and plumbing products.
It has taken several cost-cutting measures, including job cuts and reduced executive compensation, since the beginning of 2008.
Its current employment level is about 20 percent lower compared with the end of 2007.
Black & Decker shares, which have fallen about 44 percent in the past year, were trading up $1.74 at $40.02 Thursday on the New York Stock Exchange. (Reporting by A.Ananthalakshmi in Bangalore; Editing by Aradhana Aravindan) ((firstname.lastname@example.org; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging: email@example.com))
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