Still scrambling, DuPont cuts 2,000 jobs
NEW YORK — DuPont said Thursday it will cut another 2,000 jobs as falling orders from the automotive and manufacturing sectors continue to eat away at sales.
“Our objective is not simply to weather the recession and wait for recovery,” DuPont Chief Executive Ellen Kullman said in a statement Thursday. “Our goal is to emerge from this global recession stronger, faster and more agile than ever before.”
Consumers have cut way back on spending for everything from cars to houses, striking directly at the heart of the chemical industry. General Motors posted a $6 billion loss for the first quarter on Thursday.
Rival Dow Chemical has cut 10,000 jobs since last fall. Dow was able to post a first-quarter profit only because of its agricultural unit — which sells seeds and other farming products and has very little to do with the company’s core business.
Huntsman Corp. said in January it would cut 1,175 jobs, close a plant in the United Kingdom and slash capital spending. Also in January, Ashland Inc. said it lost $119 million in its first fiscal quarter and would cut 300 jobs, freeze wages and adopt a two-week furlough program.
Chemical companies had hoped for a stronger start to 2009, but when DuPont announced first-quarter earnings, it warned it would have to cut costs even more to offset plunging sales.
DuPont said a sharp drop in global industrial demand pushed its first-quarter profit down by 59 percent. The company had already announced 2,500 layoffs last fall and said it would eliminate about 10,000 contractor jobs.
“What has happened since December is that the severity has escalated,” said spokesman Anthony Farina. “All you have to do is look at our first-quarter report, where volumes were down significantly, to see fundamental shifts in market.”
______
AP Energy Writer Deborah Jian Lee and AP Energy Editor Charles Sheehan contributed to this report.
Related News
Former Dupont chemist accused of downloading confidential company documents after resignationOctober 2nd, 2009 Feds: Ex-DuPont chemist took confidential docsWILMINGTON, Del. — Federal authorities have charged a former DuPont Co.
Federal judge whittles W.Va. residents' C8 lawsuit against DuPont to medical monitoring claimSeptember 30th, 2009 W.Va. suit vs. DuPont trimmed to monitoring claimCHARLESTON, W.Va. — A group of West Virginia residents has persuaded a federal judge to let it press DuPont to pay for a medical monitoring program.
Closure of American Greetings unit, Carlton Mexico, will cost $12M to $16MSeptember 10th, 2009 Carlton Mexico closure will cost $12M to $16MCLEVELAND — American Greetings Corp. said Thursday that the closure of its Carlton Mexico unit would cost $12 million to $16 million in severance pay, write-downs and other expenses.
DuPont to invest $120 million to expand Tedlar photovoltaic modules material lineAugust 20th, 2009 DuPont to invest $120M to expand Tedlar lineNEW YORK — DuPont said Thursday it will invest $120 million to expand capacity for its DuPont Tedlar polyvinyl fluoride product line. This expansion increases capacity by more than 50 percent for monomer and resin used in producing Tedlar films, which serve as the critical backsheet component for solar photovoltaic modules in all-weather conditions.
DuPont consolidates 23 businesses into 14, reorganizes executive leadershipAugust 13th, 2009 DuPont combines businesses, reorganizes leadershipWILMINGTON, Del. — DuPont said Thursday its finance chief will move to a new role and its chief operating officer will retire as the chemical maker consolidates 23 businesses into 14, in a bid to streamline its business.
Playboy expects larger 2nd-quarter charge for Manhattan office closingJuly 22nd, 2009 Playboy expects bigger 2Q chargeNEW YORK — Adult entertainment company Playboy Enterprises Inc. said Tuesday it expects to take a bigger restructuring charge in the second quarter than it previously estimated.
ATC Technology says it will cut jobs and consolidate as part of restructuringJuly 22nd, 2009 ATC Technology to cut jobs and consolidateDOWNERS GROVE, Ill. — Vehicle remanufacturing and logistics company ATC Technology Corp.
Chemical maker DuPont 2Q profit tumbles 61 pct on lower sales volume, restructuring chargesJuly 21st, 2009 DuPont 2Q profit skids, adjusted earns tops viewDOVER, Del. — Lower sales and restructuring charges pushed profits for chemical giant DuPont down 61 percent in the second quarter, overshadowing a strong showing by its agriculture and nutrition business.
Chemical maker DuPont reports drop in 2Q earnings, cites lower sales, restructuring chargesJuly 21st, 2009 DuPont 2Q profit plunges on sales drop, chargesDOVER, Del. — The chemical maker DuPont Co.
Federal jury in Kentucky awards $1.25 million in DuPont chemical leak caseJuly 14th, 2009 Federal jury awards $1.25 million in chemical leakLOUISVILLE, Ky. — A federal jury has ordered DuPont to pay more than $1.25 million to six people who were injured when fuming sulfuric acid spilled from an eastern Kentucky plant five years ago.
Allegheny expects $17 million charge in 2nd quarterJuly 9th, 2009 Allegheny expects $17 million 2Q chargePITTSBURGH — Titanium producer Allegheny Technologies Inc. said Thursday it expects to take a charge of $17 million in the second quarter related to a pension trust contribution and costs from the retirement of $183.3 million of notes.
FedEx expects to take $1.2B in fiscal 4th-qtr charges related to acquisitions, employee costsJune 3rd, 2009 FedEx expects to take $1.2B in fiscal 4Q chargesNEW YORK — FedEx says it will book a total of $1.2 billion in charges in its fiscal fourth quarter as writedowns on the value of two acquisitions ended up being bigger than originally anticipated. The Memphis, Tenn.-based package delivery company said Wednesday it will take a noncash charge of about $900 million related to the 2004 purchase of Kinko's, now known as FedEx Office.
DuPont to cut 2,000 positions, expects 2nd-qtr charges up to $390 millionMay 9th, 2009 DuPont to lay off 2,000 workersNEW YORK — DuPont will cut 2,000 jobs as the chemical company wrestles with falling sales. The Wilmington, Del.-based company said Thursday it would take a charge of between $340 million and $390 million in the second quarter, about 40 percent of it non-cash.
Sycamore to cut 30 percent of work force, blames poor economy, reduced telecom spendingApril 30th, 2009 Sycamore Networks to cut 30 percent of work forceCHELMSFORD, Mass. — Sycamore Networks Inc.
DuPont elects Samuel W. Bodman, former US secretary of energy, to its boardApril 29th, 2009 DuPont names former secretary of energy to boardWILMINGTON, Del. — Chemical manufacturing company DuPont Co.
Loading ...