Delta Air Lines provides information on its job reduction program.

0 Comments | M2 Presswire, January, 2003

M2 PRESSWIRE-10 January 2003-DELTA AIR LINES: Delta Air Lines provides information on its job reduction program(C)1994-2003 M2 COMMUNICATIONS LTD RDATE:01092003 ATLANTA -- In October 2002, Delta announced it intended to reduce between 7,000 and 8,000 jobs from its workforce. Approximately 3,900 jobs will be reduced through voluntary programs.

Up to an additional 4,000 jobs are expected to be reduced through involuntary programs. Most of these job reductions will be completed by May 1, 2003. The total cost of the job reduction program is estimated to be approximately $175 million, pretax. Delta will recognize $125 million of this amount as a one time charge in the fourth quarter 2002 and the remaining $50 million in the March 2003 quarter. This release...