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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: yard_man who wrote (4136)4/12/2004 12:46:55 PM
From: mishedlo  Read Replies (2) of 116555
 
DuPont to cut 3.500 jobs in restructuring
By Michael Baron

NEW YORK (CBS.MW) -- DuPont said it plans to cut 3,500 jobs, or 6 percent of its workforce, as part of restructuring plan. The reduction excludes any actions involving its Invista unit. About 3,000 of the positions are expected to be eliminated through severance programs with the remainder of the cuts coming from normal attrition. The Wilmington, Del., chemicals firm will also eliminate 450 contractor positions. DuPont added that it's on track for its goal to improve its annualized cost structure by $900 million in 2005. The company expects to record a restructuring charge of 17 to 19 cents per share in the second quarter, largely from employee severance costs.
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