|
|
Article: Quaker State Announces Restructuring Plan.
- Article from:
- Business Wire
- Article date:
- December 8, 1997
CopyrightCOPYRIGHT 1997 Business Wire. 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)
|
IRVING, Texas--(BUSINESS WIRE)--Dec. 8, 1997--Quaker State Corporation (NYSE:KSF) today announced a major restructuring plan to significantly reduce costs, streamline operations, fully leverage the synergies from recent acquisitions of consumer car care products businesses and implement a major information systems overhaul. The restructuring plan is expected to yield annualized savings of approximately $15-20 million.
Quaker State noted that earnings for the fourth quarter and the year are expected to be substantially ahead of last year's, due to the gain of approximately $44 million pre-tax on the previously announced sale of its truck lighting subsidiary, ...