Ferro Lowers Dividend, Freezes Hiring | February 9, 2009 Issue - Vol. 87 Issue 6 | Chemical & Engineering News
Volume 87 Issue 6 | p. 18 | Concentrates
Issue Date: February 9, 2009

Ferro Lowers Dividend, Freezes Hiring

Department: Business

To conserve cash, Ferro will cut its quarterly dividend to 1 cent from 14.5 cents per share, saving the company $24 million annually. Other cost-cutting measures include a 50% reduction in capital spending in 2009, a worldwide hiring freeze, and travel restrictions. The firm says it cut 12% of its workforce in 2008, leaving it with 5,865 employees. It is considering additional job cuts and has implemented reduced workweeks in businesses in which customer orders do not support full-time operations.

 
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