DuPont looks to cut $900 million in costs (December 05, 2003)
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DuPont is launching a massive restructuring plan in order to cut costs and improve growth. The plan, which coincide...
DuPont is launching a massive restructuring plan in order to cut costs and improve growth. The plan, which coincides with the sale of Invista, the company’s fibers business, aims to eliminate $900 million in costs by 2005. Additionally, DuPont is taking actions to achieve annual revenue growth of 6%.
"With the anticipated sale of Invista, DuPont will be a smaller company with the potential for higher growth and profitability," said DuPont chairman and CEO Chad Holiday. "But unlocking that potential means doing things differently."
According to a report carried by Platts new service, the company initially expects its actions to yield a $450 million cost improvement in 2004 to offset costs from separation from Invista and other expected fixed cost increases. A portion of the fixed cost savings will come from work force reductions, according to the report.