Iowa Public Television


DuPont Announces Massive Layoffs

posted on December 15, 2006

In a move to cut operating costs by $100 (M) million, DuPont Co. said it will cut 1,500 jobs and consolidate manufacturing in its seeds unit. The company expects to reserve a related $200 (M) million pretax charge in the fourth quarter to cover the restructuring. The plan is to reinvest the savings from the restructuring into its seed business in an effort to better compete with industry leader Monsanto.

In a separate announcement, the company said fourth-quarter earnings rose sharply. DuPont said it expects to earn $3.25 per share, including $370 (M) million in net one-time gains. The previous estimate was for a profit of $2.86 per share.

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