DuPont will shed 1,500 jobs.
The DuPont Co. on the same day of a weak third-quarter earnings report, announced it will cut 1,500 jobs, Bloomberg Businessweek reports.
The chemical company (NYSE:DD) reported net income of $10 million for the quarter, down from $452 million for the same period a year ago, partially due to uncertainty in the solar panel market. Two years ago it added 75 workers to its Circleville plant to make protective film for solar panels.
Profit in the performance-chemicals unit declined on lower demand for the white pigment titanium dioxide, and electronics earnings fell on lower sales of photovoltaic materials, Bloomberg reported.
The restructuring will take place over the next 12 to 18 months and involve cuts to its Wilmington, Del. headquarters staff that supports the automotive and industrial paints unit, which is being sold to The Carlyle Group.
DuPont shares tanked 9.1 percent Tuesday, or $4.53, to close at $45.23, according to the Philadelphia Inquirer.
Morning Call is compiled from news reports originated by other media organizations and Columbus Business First staff.
Evan Weese is web coordinator for Business First.
Follow Your Favorites with My News
My News is a way to create a customized news feed based on companies and industries that matter to you.
Source: http://feedproxy.google.com/~r/bizj_columbus/~3/plOYwmY_-zM/dupont-to-cut-1500-jobs.html
meteor shower daylight savings time 2012 bruno mars braxton miller braxton miller Whitney Heichel Tippi Hedren
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.