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DuPont TextilesandInteriors To Reduce Global Workforce

DuPont TextilesandInteriors ToReduce Global WorkforceIn an effort to become a more competitive, integrated organization, DuPont TextilesandInteriors (DTI) plans to reduce its global workforce by more than 2,000 employees. Ten percent of Wilmington, Del.-based DTIs workforce will be terminated, with more than two-thirds in manufacturing facilities and offices in the United States, and the rest in Europe.DTI has manufacturing facilities in 50 countries, with an annual revenue of $6.5 billion, and, according to the company is the worlds largest integrated textile fiber and interiors business.These are difficult but necessary actions to position DTI for success in a highly competitive and rapidly consolidating industry, said Richard R. Goodmanson, executive vice president and COO.We must act quickly and decisively to match our resources with current market realities. We are committed to doing what it takes to capture market opportunities while serving our customers with speed and flexibility, he said.More than half of the affected employees will leave DuPont by July 31.As part of the restructuring, the Terathane® PTMEG manufacturing plant in Niagara Falls, N.Y., and less competitive portions of spandex operations in Waynesboro, Va., will be closed.DuPont expects to achieve annual pre-tax cost savings nearing $120 million as a result of these restructurings realizing 30 percent in 2002 and 100 percent in 2003. The company expects to take a one-time second-quarter charge of 12 to 16 cents per share. The company projects two-thirds will be attributed to employee separation costs and one-third to asset shutdowns. The actual one-time charge to earnings will be available at the end of the second quarter 2002. June 2002