DuPont Textiles & Interiors (DTI) -- nylon fibers, polyester fibers, Lycra brand, CoolMax brand, Cordura brand, Thermolite brand, and spandex -- announced May 1 that it will be trimming at least 2,000 jobs -- representing nearly 10 percent of its global workforce -- with the U.S.-based operations experiencing the deepest layoffs. In a move the company says it anticipates will save DuPont $120 million, the company indicated it would be closing its Terathane PTMEG production unit in Niagara Falls, New York, as well as eliminating under-performing branches of its spandex business based in Waynesboro, Va. These cuts, along with the balance of jobs lost from Europe operations, will be completed by July. Earlier this year, DuPont had announced its intention to establish DTI as a new wholly owned subsidiary by end of year 2003. The company indicated it is continuing to pursue a number of separation options, including an IPO. DTI reported revenues of $6.5 billion in 2001. SNEWS® View: And the hits keep rolling in as U.S.-based textile companies continue to reel under the weight of off-shore competition from off-price textile importers. If the trend continues, U.S.-based textile production will become a relic, with offices existing here only to source fibers and product overseas.
Did you hear?... DuPont reports that sales and earnings have declined
DuPont reports that sales and earnings have declined in the 1st quarter, with sales dipping 10 percent to $6.14 billion and net income declining 3.2 percent to $479 million. The company pointed to a continuing weakness in the U.S. textile market as the reason for significant ...read more