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Ashland launches second round of job cuts.(News)(Brief Article)
- Article from:
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Chemical Market Reporter
- Article date:
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October 6, 2003
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Copyright informationCOPYRIGHT 2003 Schnell Publishing Company, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ASHLAND INC. is launching a second round of job cuts to reduce expenses by an additional $75 million in fiscal 2004 (ending September 2004). The cuts will be made across the board in the company's wholly owned businesses, including the Ashland Specialty Chemical and Ashland Distribution units. Ashland plans to eliminate 500 positions (around 5 percent of the work force) on top of the 200 employees cut earlier ha 2002, which resulted in annual savings of $25 million.
The savings initiative reflects an effort to build and maintain what Ashland calls a Top-Quartile Cost Structure (TQCS). "Reducing our costs is a pivotal part of our strategy to produce top quartile ...
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