The Asian Contagion continues.... Soon them "China Dog" shares will
again be trading at their pre-split-split-split high of $145.
PRESS RELEASE -- 600 Jobs to be Cut
China Pacific, Inc. (NASDAQ-SmallCap-CHNA, Date: September 30, 1998)
(the “Company”) announced that its restructuring plan will include
elimination of as many as 600 jobs in Chengdu Chengkang Iron and Steel
(Chengdu Steel), the Company's 60% owned joint venture subsidiary.
The work force reduction is part of the Company's ongoing effort to
reduce significantly operating and other expenses.
In addition, the restructuring plan will also consolidate the current
33 departments of Chengdu Steel into 12 departments. “The Company,”
stated Thomas Tong, the Acting President and Chief Financial Officer,
“will continue to seek measures to improve operating efficiencies and
further cost reductions consistent with its efforts to restore the
Company to profitability.”
The layoff program is expected to be completed in its fourth quarter
of 1998.
China Pacific, Inc. is a leading producer of steel and iron products
in Sichuan Province, the People's Republic of China, through its
majority interest in Chengdu Steel. Additional corporate information
is available at the Company's web site – www.chinapacific.com, or
contact:
China Pacific, Inc. – Los Angeles, CA office,
Tel: (562) 433-1882 |
