January 27, 2009

Ashland posts 1Q loss, plans 1,300 job cuts

Filed under: Chemical,Manufacturing,US — 7macaw @ 8:04 am
Tags: , ,

Ashland Inc. (NYSE: ASH) said Tuesday it lost $119 million in its first fiscal quarter, and plans to cut its work force by 1,300 jobs, freeze wages and adopt a two-week furlough program.

The chemical company blamed the loss in the first quarter on a severance charge, writedown and the acquisition of Hercules Inc. It said the work force cuts amount to about 9 percent of its work force and will be accomplished by the end of fiscal 2010.

Source: International Herald Tribune

1 Comment »

  1. I work for this gang of ruthless thieves. Not only are they laying off (after spending 4 billion to buy out Hercules), they are slashing benefits including tuition assistance. In the middle of a degree program? Too bad! Next will likely be sick leave, vacation and health care.
    I can’t wait for the furlough. We work contracts that require our 24/7 availability, so how the hell are we going to tell our customers, hey sorry pal, we will be unavailable for two weeks?? Go buy from the competitor? That will happen, mark my words. May Jim O’Brien rot!!

    Comment by The Pirate — January 27, 2009 @ 7:31 pm | Reply

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