ASHLAND OIL OFFERS VOLUNTARY RETIREMENT PROGRAM
ASHLAND OIL OFFERS VOLUNTARY RETIREMENT PROGRAM ASHLAND, Ky., July 30 /PRNewswire/ -- Ashland Oil, Inc.
(NYSE: ASH) today announced that it is implementing an enhanced voluntary retirement program to reduce employment levels and lower costs.
The enhanced retirement program is being offered to about 425 eligible full-time employees on the company's corporate staff and in the company's Ashland Petroleum Company and Ashland Services Company divisions and Ashland Exploration, Inc., and Ashland Branded Marketing, Inc., subsidiaries. According to John R. Hall, Ashland Oil chairman and chief executive officer, the voluntary retirement program is anticipated to result in annual savings of about $15 million. The company expects to take a one-time, pre-tax charge against earnings of about $25 million in its fiscal fourth quarter for the implementation of the program. "Ashland is working hard to reduce costs and improve efficiency to compete more successfully in the 1990s," said Hall. "Unfortunately, these measures must include efforts to reduce employment to match projected staffing needs. We hope that this program will reduce or eliminate the need for involuntary work force reductions in the immediate future." The voluntary retirement program enhances Ashland's existing retirement plan and is being offered to eligible employees who are at least age 55 or have a combination of age and years of service that totals 80. The enhanced benefit program offers eligible employees a special incentive of two weeks pay per full year of service, with a maximum of 70 weeks. In addition, the company will enhance participating employees' pension benefits by adding three years to their age and three years to their service, up to a maximum of 35 years of service. Participants will also receive retiree medical, dental and life insurance benefits. Eligible employees have until Sept. 15, 1992, to elect to participate in the program. Participants will retire on Oct. 1, 1992. -0- 7/30/92 /CONTACT: Roger Schrum of Ashland Oil, Inc., 606-329-4061/ (ASH) CO: Ashland Oil, Inc. ST: Kentucky IN: OIL SU: PER
DM -- PG002 -- 4923 07/30/92 08:45 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Jul 30, 1992|
|Previous Article:||THERMO ELECTRON ANNOUNCES SECOND QUARTER RESULTS|
|Next Article:||THERMEDICS ANNOUNCES SECOND QUARTER RESULTS|