Issue Date: February 2, 2009
Ashland Plans New Cuts ...
Wrestling with the combined effects of the economic downturn and its recent acquisition of Hercules, Ashland revealed a new round of cost-cutting initiatives after the release of fourth-quarter results showing a net loss of $119 million. To save $80 million, the firm will freeze wages and salaries globally, implement a two-week furlough program for nonhourly U.S. and Canadian employees, and cut travel and entertainment costs. Earlier cutbacks plus a few other new ones valued at $210 million have meant the elimination of 500 employees through the end of December. By the end of 2010, the firm expects to have reduced its global workforce by 1,300.
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