
US chemicals giant DuPont announced on Tuesday its net profit collapsed to $10 million in the third quarter from $452 million in the same period last year, and that it would cut 1,500 jobs. The maker of the Kevlar fiber used in body armor said that third-quarter sales fell by 9 percent to $7.4 billion, with volumes down by 5 percent and negative currency effects accounting for the rest of the decline. DuPont said it expected its full-year 2012 earnings from continuing operations, excluding significant items, to be in a range of $3.25 to $3.30 per share, down from $3.55 per share last year on a comparable basis. The company said it had launched a a restructuring plan to increase productivity, enhance competitiveness and accelerate growth. It estimated the restructuring, which includes eliminating about 1,500 positions globally in the next 12-18 months, will deliver pre-tax cost savings of about $450 million, including $300 million in 2013. \"Today, we are taking additional actions to improve competitiveness and accelerate market-driven innovation and growth by fine-tuning the organization, eliminating costs and expanding beyond our everyday focus on productivity,\" said DuPont chief executive Ellen Kullman was quoted as saying in the earnings statement. She noted weaker than expected demand in titanium dioxide and photovoltaic markets contributed to the decline, and that last year\'s third-quarter earnings were record. \"We are addressing these challenges now to position ourselves for improved performance,\" she added.
GMT 09:47 2018 Tuesday ,23 January
SAP unveils big push into French tech start-upsGMT 05:07 2018 Tuesday ,23 January
Noble Group shares surge 37 percent on buyout talksGMT 19:07 2018 Monday ,22 January
BAKS spent Dh225m on charity projects in 2017GMT 22:52 2018 Sunday ,21 January
French firm "recalls baby milk product"GMT 22:27 2018 Sunday ,21 January
US company plans funds that double bitcoin price movesGMT 21:23 2018 Sunday ,21 January
Pence starts Mideast tour in Egypt amid Arab angerGMT 08:54 2018 Saturday ,20 January
Million-euro bill for firm behind Paris bike-share chaosGMT 10:47 2018 Friday ,19 January
German chemical giant BASF sees 'significant' profit leap

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©
Send your comments
Your comment as a visitor