Breaking News

DuPont to close European facilities

By Tim Wright | March 15, 2006

DuPont has announced plans to close several of its facilities across Europe, including two in Spain, one in the Netherlands and one in Germany.

The company will cut approximately 1,500 jobs in its performance coatings business as a result. The site closures and job cuts are part of a plan to reduce costs and improve competitiveness across segments, the company said. The job cuts represent 2.5% of the company’s workforce.

The company forecasts a one-time restructuring charge of up to $165 million, with additional costs of up to $55 million over the next 12 months.

Overall, the cuts will reduce annual costs by up to $165 million, the company said.