Printer Friendly

CARPENTER TECHNOLOGY ISSUES ANNOUNCEMENT REGARDING SALARIED WORK FORCE REDUCTION

 CARPENTER TECHNOLOGY ISSUES ANNOUNCEMENT REGARDING
 SALARIED WORK FORCE REDUCTION
 READING, Pa., June 1 /PRNewswire/ -- Carpenter Technology Corporation (NYSE: CRS) announced today that it will establish a reserve of approximately $7.5 million before tax or $.59 per share after tax in its fourth fiscal quarter ending June 30, 1992, to cover the anticipated costs of a planned program to reduce salaried personnel in its Steel Division.
 The program will affect approximately 130 salaried employees and will be accomplished over the next six months through special separation offers, attrition and job eliminations.
 This program reflects systems and productivity improvements which are being made and is part of a plan to improve profitability which has been eroded by lower selling prices and higher medical, wage and environmental costs. The program is expected to improve profitability by $6 million before tax annually when fully implemented.
 /delval/
 -0- 6/1/92
 /CONTACT: John A. Schuler, treasurer of Carpenter Technology, 215-371-2165/
 (CRS) CO: Carpenter Technology Corporation ST: Pennsylvania IN: MNG SU:


CC-LJ -- PH013 -- 5644 06/01/92 11:29 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jun 1, 1992
Words:175
Previous Article:/C O R R E C T I O N -- ZWEIG TOTAL RETURN FUND/
Next Article:LONDON ANALYSTS VISIT LUCAS NORTH AMERICAN SITES, INCLUDING A STOPOVER IN DETROIT
Topics:


Related Articles
TENNECO'S SHIPBUILDING UNIT REDUCES SALARIED WORK FORCE
U.S. FOREST SERVICE'S MOVE TO ABOLISH ADMINISTRATIVE APPEALS PROCESS IS A STEP IN THE RIGHT DIRECTION, SAYS LABOR UNION PRESIDENT
TROPICANA ANNOUNCES STAFF REDUCTIONS
CARPENTER TECHNOLOGY REPORTS LOWER EARNINGS FOR SECOND FISCAL QUARTER
CARPENTER TECHNOLOGY REPORTS HIGHER SALES AND INCOME FOR THE YEAR ENDED JUNE 30, 1993, BEFORE EFFECTS OF NEW ACCOUNTING RULES
ETHYL ANNOUNCES $6-MILLION CHARGE FOR WORK-FORCE-REDUCTION PROGRAM
Zenith sets cut of 200 salary jobs.
ARMSTRONG WORLD INDUSTRIES ISSUES ANNOUNCEMENT
National Steel Announces New Aggressive Cost Reduction Activities.
Deere Announces Further Steps to Improve Performance; Plans Include Exiting Homelite, Restructuring C&F Business.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters