DuPont cuts 10 pc of workforce in textile unit
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Manufacturing News, Source : TheManufacturer.com
Published : 30 Apr 2002 8:43
DuPont, the largest US chemicals company, has finalised its restructuring plans for its lossmaking textiles and interiors division by announcing it would cut 2,000 jobs, or 10 per cent, of the unit's workforce.
The restructuring is expected to save about $120m annually.
More than two-thirds of the job cuts will be in the US, with the remainder in Europe. Most of the redundancies will be completed by July 31.
DuPont Textiles and Interiors (DTI), which includes DuPont's lycra spandex, nylon and polyester operations, also said it would shut down its Terathayne manufacturing operation at Niagara Falls, New York and close "less competitive" parts of its spandex facility in Waynesboro, Virginia.
Richard Goodmanson, DuPont, chief operating officer, denied earlier claims that the latest redundancies would damage future revenue streams, adding that the cuts would enhance future competitiveness.
Shares of DuPont on Monday fell 42 cents, or about 1 per cent, to $43.75 in midday trade in New York.
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