Manufacturing Industry
DuPont forced to cut jobs in bid to save $900m
Chemistry and Industry, Dec 15, 2003
DuPont looks set to cut jobs in an attempt to save $900m in the face of high raw materials costs. The company, which recently sold its Invista fibres business to Koch Industries, will give more details of job cuts in April 2004 at its first quarter trading announcement. Half the jobs are expected to be lost in 2004, the balance in 2005.
DuPont has been given a $200m start to this process following the $4.4bn sale of Invista. It also loses 18 000 staff with the sale.
DuPont chairman, Chad Holiday, said his company's product offer would fall by 20% in a 'customer-by-customer, item-by-item process'.
DuPont will also focus more on geographical areas such as China, central and eastern Europe and Brazil, where it believes there are strong growth prospects.
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