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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: russwinter who started this subject	1/28/2004 12:36:24 PM
From: russwinter	Read Replies (2) of 110194

How companies deal with higher "operating costs" (translate input goods inflation): Reuters Kerr-McGee set to lay off 12 pct at Georgia plant Thursday January 22, 1:25 pm ET NEW YORK, Jan 22 (Reuters) - Kerr-McGee Corp. (NYSE:KMG - News) on Thursday said it will temporarily layoff 12 percent of workers at its white pigment plant in Savannah, Georgia, in a move to trim costs and shift to more profitable grades of chemicals. The oil, gas and chemical producer said 39 employees will lose their jobs, reducing the work force to 420. The Oklahoma City-based company can rehire the affected workers over the next two years. Kerr-McGee is cutting costs and selling assets to lower debt. Its third-quarter profits were constrained by higher operating costs in its chemical business. As part of its cost cuts, it announced a 7 percent to 9 percent reduction of nonunion jobs last October. Kerr-McGee's Georgia plant makes titanium dioxide, a white pigment for paints, plastics and paper. The company, a major producer of the pigment, said it will continue to meet customer needs.

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