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Article: Sun rises to competitors' challenge, announces ambitious restructuring plan.(Sun Company Inc.)
- Article from:
- The Oil Daily
- Article date:
- June 14, 1995
- Author:
CopyrightCOPYRIGHT 1995 Energy Intelligence Group. 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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NEW YORK -- Sun Co. Inc. announced Tuesday a major restructuring plan that is broader and more aggressive than most Wall Street analysts had expected.
To better compete in the volatile refining and marketing business, Sun said it will create a new business structure, cut annual costs by $110 million, lay off 800 support staff employees, buy back stock and cut its dividend, said Robert H. Campbell, chairman and chief executive.
At a meeting of analysts here, Campbell also disclosed long-awaited plans on how Sun will spend the $770 million in proceeds from the May 24 sale of its 55% interest in Suncor Inc., a Canadian integrated oil company. Much of the money ...