01 May 2002 16:23 [Source: ICIS news]
LONDON (CNI)--Plans by US-headquartered DuPont Textiles & Interiors (DTI) to cut 10% of its global workforce will involve the loss of 350 jobs in Europe, CNI learned on Wednesday.
A spokesman for DTI, which employs 4000 people in Europe, said the European losses cover:
The job cuts are part of 2000 job losses or 10% of its global work force announced on Monday (29 April). As previously reported, the 75 UK job losses are divided among sites at Gloucester in southwest England (15), Maydown, Northern Ireland (30) and Wilton, Cleveland in northeast England (also 30).
More than two-thirds of the total job reductions are at manufacturing facilities in the US where DuPont said it plans to shut its Terathane polytetramethylene ether glycol (PTMEG) manufacturing unit in Niagara Falls, New York and portions of its spandex operations at Waynesboro, Virginia.
DuPont said it expects annual cost savings of about $120m (Euro133.3m) and plans to take a one-time second quarter charge of 12-16 cent/share for separation costs and plant shutdowns.
In February, DuPont said it planned to create DTI as a new, wholly-owned subsidiary and separate it from DuPont by 2003.
Headquartered in Wilmington, Delaware, DuPont Textiles & Interiors is the largest integrated textile fibre and interiors business in the world with 2001 annual revenues of $6.5bn.
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