Thursday October 31
DuPont Cuts 650 Positions to Improve Competitiveness Across Coatings & Color Technologies BusinessesAs part of its strategy for sustainable growth, DuPont Coatings & Color Technologies will improve the productivity of its global business units by consolidating some of its assets and optimizing processes. The DuPont Coatings & Color Technologies platform includes the Performance Coatings and the Titanium Technologies businesses. These actions will result in the reduction of about 650 positions. Affected employees will receive appropriate career transition support as required by local law or practice.
"These difficult but necessary actions will enable our businesses to improve customer focus while strengthening our business performance, and thus contribute more strongly to the company's goals of sustainable growth," said Edward J. Donnelly, group vice president - DuPont Coatings & Color Technologies.
DuPont estimates it will realize annual pretax savings of about $60 million as a result of these actions. About one-third of this benefit will be realized in 2003, with substantially all realized in 2004. The company expects to take a one-time restructuring charge of about $.04 per share in the fourth quarter.
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