DuPont reduces costs by $900 million, cuts jobs.DuPont, Wilmington, DE, announced it will reduce costs by $900 million, partly through job cuts, and aims to increase revenue by 6% as it deals with high raw material prices and the impending im·pendintr.v. im·pend·ed, im·pend·ing, im·pends 1. To be about to occur: Her retirement is impending. 2. sale of its key clothing and carpet fiber business. DuPont said it plans to focus more on emerging markets in China, central and eastern Europe The term "Central and Eastern Europe" came into wide spread use, replacing "Eastern bloc", to describe former Communist countries in Europe, after the collapse of the Iron Curtain in 1989/90. and Brazil, where it foresees much of its growth. Half of the cost cuts will come in 2004, and the rest in 2005. The cuts include $200 million of costs it would have incurred from operating its Invista clothing and carpet fiber business, which is being sold to Koch Industries Koch Industries, Inc. (pronounced "koke") is a private corporation based in Wichita, Kansas. According to Forbes Magazine, it is the largest privately owned company in the world by revenue (surpassing Cargill in 2005 with the acquisition of Georgia-Pacific), with subsidiaries for $4.4 billion. The plan also includes $500 million in cost cuts from the reorganization of staff, support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services and manufacturing operations, and a $200 million improvement in margins from the consolidation of product lines. |
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