DuPont slashes 2,000 more jobs | business | Hindustan Times
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DuPont slashes 2,000 more jobs

business Updated: May 07, 2009 21:13 IST

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Chemical giant DuPont announced on Thursday it was slashing 2,000 more jobs as part of its restructuring, on top of 2,500 layoffs in December.

The company aims to "preserve our strong cash position, streamline and accelerate our approach to markets and better position our businesses as global economies rebound," said DuPont CEO Ellen Kullman said in a statement.

"Our objective is not simply to weather the recession and wait for recovery. Our goal is to emerge from this global recession stronger, faster and more agile than ever before," the Kullman said.

The company already announce in April that it hoped to reduction costs this year by between 730 million dollars and one billion dollars.

In additional to the layoffs, "certain assets will be rationalized as part of the restructuring plan" at DuPont the company CEO said.

She added: "DuPont will continue aggressive actions to reduce costs and capital expenditures, in addition to maintaining an appropriate level of investment for high-growth, high-margin businesses."

DuPont announced last month that its first-quarter net profit tumbled 59 per cent to 488 million dollars in the face of "more challenging economic conditions."

Consolidated net sales in the period were 6.9 billion dollars, a 20-per cent drop from the previous year, the company said.

The 488 million dollars in profit is a steep drop from the 1.197 billion dollars in profit from the same period last year.