Approximately 50 layoffs are expected at Newell Rubbermaid's 550-employee headquarters, which recently relocated to the Three Glenlake Parkway office building near Georgia 400 in suburban Sandy Springs. Wells REIT II took majority ownership in September of the 354,953-square-foot building that is fully occupied by Newell Rubbermaid under a lease through 2020 with two five-year renewal options.

The news for Georgia's industrial sector got worse Wednesday, with Findlay, OH-based Cooper Tire & Rubber Co. announcing that it is closing its manufacturing facility in Albany, in the state's southwest corner. Approximately 1,400 employees will be affected by the permanent shutdown of the 18-year-old plant, with production shifting to Cooper Tire's other US plants in Findlay, Texarkana, AR and Tupelo, MS. The company estimates $150 million to $175 million in restructuring charges because of the Albany closing.

Newell Rubbermaid cut its 2008 earnings guidance Wednesday, from at least $1.40 per share to less than $1.20, including a double-digit decline in fourth-quarter net sales. Wall Street reacted badly to the news, with the company's shares losing 27% of their value throughout the trading day and closing near a 52-week low of $9.58 on the New York Stock Exchange.