Ecolab to cut workforce; takes $50 million charge. (Financial News).* Ecolab Inc. will take restructuring and other cost-saving charges this year in order to streamline and improve its global operations Global Operations is a first-person shooter computer game developed by Barking Dog Studios and published by both Crave Entertainment and Electronic Arts. It was released in March of 2002, following its public multiplayer beta version which contained only the Quebec map. , according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. company executives. The actions will result in one-time pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charges of $50-60 million. The charges will be partially offset by approximately $20 million in one-time benefits and are expected to produce significant annual savings. The actions will include workforce reductions, facility closings, benefit changes and product discontinuations, according to company executives. These changes should result in cost savings beginning this year and reaching full impact in 2003. "We have worked extremely hard to offset the effects of the economy on our major markets--especially hospitality--which, though recovering, still remain at weakened levels," said Allan L. Schuman Allan L. Schuman, age 71, is the former CEO of Ecolab, Inc. He resigned as chairman of the board in May 2006 and was named chairman emeritus, an honorary position. He worked at Ecolab for 49 years. Mr. , chairman and chief executive officer. "The fourth quarter included the impact of unprecedented events that disrupted our markets and exacerbated an already soft economy." Diluted earnings a share for the fourth quarter ended Dec. 31, 2001 were expected to be $.30, yielding $1.45 for the full year 2001. The company expects operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before for the year ending Dec. 31, 2002 will rise into the double-digit range to approximately $1.58-1.62 a diluted share. |
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