Baldwin to Cut 275 Jobs, Close Miss. Plant

Baldwin Piano & Organ Co. said it will cut 275 jobs as it closes a Mississippi plant and contracts production of components to other woodworking plants in the U.S. and overseas to trim costs. The closure of the Greenwood, Miss., plant by the middle of the year is expected to generate annual savings of more than $3 million, the Mason, Ohio-based company said. Baldwin will take a $2.5-million charge as a result of the closure. The company, which has been making keyboard instruments for more than 140 years, has struggled as demand for pianos slackens, inventory levels remain high and less expensive Asian-made keyboards have flooded the U.S. market. Baldwin shares lost 2 cents to close at $2.09 on Nasdaq.