DuPont to Cut Jobs, Costs by $900 Million

Boston Globe ^ | 12/1/2003 | Reuters

[yonif]

NEW YORK (Reuters) - DuPont Co. on Monday said it would reduce costs by $900 million, partly through job cuts, and aims to increase revenue by 6 percent as it grapples with high raw material prices and the impending sale of its key clothing and carpet fiber business.

[bert]

When I read the writing on the wall, it says "the gulf will dominate the industries dependant on oil feedstock"

This means the new industries in Iraq around Basra and those in Kuwait coupled with the expansion of those in Saudi Arabia at Yanbu and Jubail, financed by the banking and industrial free port in the UAE means it is a different world.

[Eric in the Ozarks]

Well...we'll see how Koch does with DuPont fibers. They made a total mess of Ralston Purina.

[lelio]

and aims to increase revenue by 6 percent ... The sale of the unit [ which makes Stainmaster carpet ] , which generated a quarter of DuPont's sales last year, was announced last month.

Cutting 25% of your sales and you're trying to increase revenue by 6%? Maybe if you include the $4.4B in there you can.

[Falcon4.0]

Bottom line is that ol'Chad here is slicing off another appendage of the Dupont Company to feed the stock holders. And he'll take a nice slice for himself.

[doosee]

As mature as this company is, they are facing huge, correction, astronomical, pension obligations. Just like Ford Motor. Will they ever pay out those pensions. That is the question.

[Falcon4.0]

It sounds like you work there. That is exactly the fear of my Senior co-workers. Good luck.

[Eric in the Ozarks]

I'd make goddam sure that Dupont didn't sell this obligation with the company. This ought to be easy to find out.

[dirtydanusa]

Go figure, a Chemical company wanting to move to China. No EPA, OSHA, clean air or water concerns. Just pour it in the river, burn it up a chimney, and pour it on the ground. Imagine the cash the CEO's can pocket in this deal