DuPont lowers outlook, sets new job cuts
April 21, 2009
Chemical maker DuPont reported a 59 percent fall in quarterly profit, trimmed its full-year outlook and said it would cut more jobs as weak economic conditions continued to constrict demand, reports Reuters. The U.S. chemicals industry has been hard hit in recent months by the recession that has shrunk sales of its products from the autos, construction and electronics industries. The Wilmington, Delaware-based company, said it would seek $200 million in cost reductions, including cuts to contractor positions and work schedule reductions, and announced a 12.5 percent cut to its 2009 spending plans to $1.4 billion. The company is planning further restructuring plans that will be finalized in the second quarter. In December, the company said it would lay off 2,500 employees and 4,000 contractors. For the second quarter, DuPont expects revenue growth to be limited by continuing weak demand in non-agriculture markets and the negative impact of currency.