DuPont announced today that it will reduce its global work force by 6 percent, or 3,500 positions, as part of its $900 million cost improvement program. In addition, the company is reducing 450 contractor positions.
By the end of 2004, DuPont expects to eliminate about 3,000 positions through severance programs and about 500 positions through normal attrition. The job losses will be primarily in North America and Western Europe. Today’s announcement does not impact the company’s INVISTA subsidiary.
“These are difficult but necessary decisions as we align our resources with market needs and adjust the size of our infrastructure following the anticipated separation of INVISTA,” said DuPont Chairman and CEO Charles O. Holliday, Jr.
“These actions will help assure the near-and long-term competitiveness of our businesses worldwide as well as progress toward our mission of sustainable growth,” added Holliday.
DuPont expects to take a one-time second quarter charge of approximately 17-19 cents per share as a result of the restructuring actions, largely for employee severance costs.