DUPONT TO CUT 3500 JOBS!

[megatron]

http://money.cnn.com/2004/04/12/news/fortune500/dupont/index.htm

DuPont cuts 3,500 jobs

Chemical maker to cut worldwide staff by 6 percent by mid-year; sees savings of $325M annually.
April 12, 2004: 8:36 AM EDT



NEW YORK (CNN/Money) - Chemical maker DuPont Co. is cutting about 3,500 positions, or about 6 percent of its staff worldwide, the company announced Monday.

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DuPont (DD: Research, Estimates) said the cuts will come primarily in North America and Europe. There will be 3,000 employees receiving severance, and another 500 positions eliminated through attrition. Most of the cuts will take place in the middle of this year. In addition, the company is cutting 450 contractor positions.

The cuts will result in a one-time charge of between 17 and 19 cents a share in the second quarter to cover the costs associated with the cuts, primarily severance expense.

The cuts are part of the company's plan to trim expenses by $900 million a year by next year. This round of cuts will result in about $325 million in annualized cost savings. The company expects another $375 million in fixed cost cuts by 2005 by reducing spending in areas such as contract services, supplies procurement, telecommunications and information technology expense.

The cuts do not include the company's Invista clothing and carpet fiber business, which it is in the process of selling. The company announced Thursday that the sales price for that unit would be reduced by $200 million to $4.2 billion, due to what it said were complexities of the deal. That sale to Koch Industries is now expected to close by April 30.

"These are difficult but necessary decisions as we align our resources with market needs and adjust the size of our infrastructure following the anticipated separation of Invista," said a statement from DuPont Chairman and CEO Charles Holliday Jr.

Shares of DuPont (DD: Research, Estimates), a component of the Dow Jones industrial average, lost 17 cents to $43.43 in Thursday trading before the Good Friday market holiday.


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I yhink this is outregous!

 

[Nomad]

6 percent?

Crazy French people. I'd cut it by at least 10. 3500 people isn't much.

 

[Malky]

6 percent?

Crazy French people. I'd cut it by at least 10. 3500 people isn't much.

Perhaps not for you, but the majority of jobs in my hometown are provided by Dupont.

 

[Nomad]

I doubt that means that everyone in your hometown will be out of a job anyway. Even the people that do work there. With the odds, only 3 out of every 50 people there will get the shaft. Still not very much.

 

[Elissar]

Unless your one of the people that loses your job.. Then it's a hell of a lot.

 

[Nomad]

That's how the cookie crumbles. Shit happens. And many other common phrases. Yeah, I'd be pissed, but there's nothing you can really do abou it.

 

[Brother None]

yeah, why is this so big a deal? I've seen bigger sackings...

 

[KQX]

That's how the cookie crumbles. Shit happens. And many other common phrases. Yeah, I'd be pissed, but there's nothing you can really do abou it.

I am always saddened and alarmed when I hear statements like this, especially form younger generations. Not just specifically relating to this topic, but for all subject matters in general. Why are so many young people lately resorting to apathy and even total conformity?

As for the DuPont case, it’s not so much the numbers that should surprise people (even though I think they should); it should make people think of what else might happen, in similar future situations. Remember General Motors and Flint, Michigan in the late 80s? See Michael Moore’s documentary “Roger and Me”.

 

[APTYP]

When your neighbor loses a job, it's called recession.
When it's you, it's called... depression.

 

[Nomad]

yeah, why is this so big a deal? I've seen bigger sackings...

Exactly. How many people lost their jobs in that AOL/Time-Warner merger? I don't remember, but it sure was a lot.

 

[Nomad]

That's how the cookie crumbles. Shit happens. And many other common phrases. Yeah, I'd be pissed, but there's nothing you can really do abou it.

I am always saddened and alarmed when I hear statements like this, especially form younger generations. Not just specifically relating to this topic, but for all subject matters in general. Why are so many young people lately resorting to apathy and even total conformity?

*scoffs* I know a lot of kids will say this too, but I think I can honestly say that I am not conformist. And what's wrong with being apathetic? If that happened, I'd just look for a new job and continue my life. Is there anything wrong with that too?

[edit]by the way, my last post up there was suposed to go after Kharns. The board blew up, apparantly.

 

[Big T]

What I'm wondering is why Megatron posted this, thgere's got to be a joke inherent in this.

EDIT - Just noticed, there's a couple of double (triple) posts in this thread.

 

[Roshambo]

*scoffs* I know a lot of kids will say this too, but I think I can honestly say that I am not conformist. And what's wrong with being apathetic? If that happened, I'd just look for a new job and continue my life. Is there anything wrong with that too?

Please note the discussion is not about fast food.

 

[Nomad]

The industry makes no difference. Getting the shaft is getting the shaft, no matter how you look at it.

 

[Wooz]

What I'm wondering is why Megatron posted this, there's got to be a joke inherent in this.

I suspect he's trying to ape welsh.

 

[eom]

Perhaps not for you, but the majority of jobs in my hometown are provided by Dupont.

and blockbuster.

ps

I am always saddened and alarmed when I see people post w/twitchy fingers.
who's the board janitor around here?

 

[Briosafreak]

What I'm wondering is why Megatron posted this, there's got to be a joke inherent in this.

I suspect he's trying to ape welsh.

Yep, i`m quite sure about that.

 

[Montez]

Jesh, I go to sleep early one night and quadruple post mania breaks out.

 

[Roshambo]

The industry makes no difference. Getting the shaft is getting the shaft, no matter how you look at it.

I'm glad you believe that people can just instantly move across country to another job that's conveniently waiting for them, assuming they can find another job in that industry WITHOUT having to move to India or elsewhere. Tech support on many levels is especially feeling this burn, including some of the backdoor problems that most of those programmers put into their "troubleshooting" and client software, which is making a lot of their counterparts in the US especially pissed off.

I'll take an order of large curly fries, thank you.

 

[alec]

Stuff like this happens all the time where I live. The number of people who get sacked are usually smaller (small country, eh), but we've had some recent big sackings as well (in the car industry, for instance, or air traffic). Stuff like that must hurt a lot of people, a lot of families. And it should open our eyes to a sad truth: that in some countries nowadays there are more sackings than new jobs being created. More and more people suddenly find themselves in the gutter, and less and less people manage to get back out of there. Even if Dupont only sacked a tenth of the people that will get sacked, it would still be a tragedy. A human tragedy, of course, a tragedy which means nothing in the eyes of providence, but a human tragedy nonetheless.

I am always saddened and alarmed when I hear statements like this, especially form younger generations. Not just specifically relating to this topic, but for all subject matters in general. Why are so many young people lately resorting to apathy and even total conformity?

My thoughts exactly. Where have all the rebels gone? The ideals of previous generations? Oh well... what do you expect when even Bob Dylan betrays his ideals and starts making commercials? Pfff... The future CAN not be bright this way.