DuPont to eliminate 2000 more jobs to further cost reduction, strengthen cash position

Chemical company DuPont announced to eliminate roughly 2000 employees as a part of its plan to increase 2009 fixed cost reduction from US$730 mln to US$1 bln. In December 2008, the company said it would trim workforce by 2500 as cost cutting initiative to preserve cash. On April 21, DuPont indicated a restructuring plan amid a tough global market to further strengthen its long-term competitiveness, including higher 2009 reduction targets for fixed cost and capital expenditures. A pre-tax charge for the restructuring plan will be taken in the Q2 - 2009 totaling US$340-$390 mln, of which approximately 40% is expected to be non-cash. According to the company, this plan is expected to deliver US$70 mln plus benefit in 2009 with about US$225 mln annual savings by year-end 2010. DuPont's actions are intended to preserve its strong cash position and better position the company for global economic recovery following steep downturn in motor vehicle, construction and industrial markets.
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