DuPont plans to cut 1,500 jobs worldwide.
The company said it will make the cuts over the next 12 to 18 months as part of an effort to trim costs by $450 million. But the cost-cutting effort resulted in $342 million in after-tax charges in the most recent quarter.
DuPont disclosed its plans as it reported a larger-than-expected drop in operating earnings in the third quarter. It also lowered its earnings guidance for this year, warning that its income would be down for the period.
The company had 70,000 employees worldwide at the end of last year, up from 60,000 a year earlier. DuPont would not give any details about where the jobs to be eliminated are located in its global operations.
Shares of DuPont (Fortune 500), a component of the Dow Jones industrial average, fell nearly 9% in midday trading on the earnings report and outlook. ,
In August, the Carlyle Group ( )agreed to acquire DuPont's vehicle and industrial coatings business for $4.9 billion.
|Delinquent IRS employees paid bonuses by the agency|
|Students cry foul over athletes unionizing|
|Is capitalism driving itself out of business?|
|Sandy Hook victim's grandfather launches smart gun campaign|
|Court quizzes Aereo: Do TV streams break the law?|