ANSONIA, Conn. (June 7)—Rubber and plastic machinery maker Farrel Corp. lost $600,000, or 12 cents per share, on sales of $11.1 million during the first quarter ended April 1. The company lost $1.5 million on sales of $11.6 million in the like quarter of 2000. Rolf K. Liebergesell, Farrel chairman and CEO, said the company has reduced U.S. employment by 40, or 20 percent, since Jan. 1, 2001. Existing market conditions are difficult, particularly in North America where new equipment expenditures are "extremely weak," Liebergesell said.
Farrel reports first-quarter loss, U.S. cutbacks
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