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[November 2002]
Rationalisation is Aimed to Keep Key DuPont Business Competitive
DuPont (Wilmington, DE, USA) has announced actions that it says will enhance its position as a leader in the highly competitive global coatings industry.The company said: "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 Titanium Technologies businesses. The actions announced by the company will result in 650 job losses. DuPont said that 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 Donnelly, Group Vice President of DuPont Coatings & Color Technologies.
DuPont estimates that it will realise annual pre-tax savings of about US$60 million as a result of these actions. About one-third of this benefit will be realised in 2003, with substantially all realised in 2004. The company expects to take a one-time restructuring charge of about US$0.04 per share in the fourth quarter.
ENDS