DuPont cutting 1,500 jobs
The DuPont Co said on Tuesday that it would cut about 1,500 jobs and take other steps to increase its competitiveness, after weak demand for a key industrial pigment and uncertainty in the solar panel market led to a sharp drop in third-quarter earnings. The chemical company, based in Wilmington, Deleware, reported net income of US$10 million, or US$0.01 per share, compared with US$452 million, or US$0.48 per share, for the same period last year. Revenue from continuing operations totaled about US$7.4 billion, down 9 percent from US$8.1 billion.
Dow dropping 2,400 jobs
Dow Chemical said on Tuesday it planned to cut 5 percent of its global workforce, or 2,400 people, and shut 20 plants in an effort to slash costs as the global economy slows. The company will also cut capital investment on programs it no longer sees as priorities, for another US$50 million in savings, it said. The shuttered facilities will include plants in Tessenderlo, Belgium; Delfzijl, the Netherlands; Ribaforada, Spain; Birch Vale, UK; Kina Ura, Japan; and in the US, in Midland, Michigan, and Solon, Ohio.
SAP’s Q3 profit down 51%
Business software maker SAP AG saw its third-quarter profit fall from a year ago because of a large one-time gain booked then. Net profit came in at 618 million euros (US$802.59 million), down 51 percent from 1.25 billion euros a year ago. Revenue grew 16 percent to 3.95 billion euros, while operating earnings — which exclude the court decision — rose 10 percent. However, the Walldorf, Germany-based company said its business was developing strongly, with increased sales in North America and China outweighing flat revenue in Europe.
Heineken misses estimates
Heineken NV, the world’s third-biggest brewer, reported sales growth that missed estimates as sales fell in Western Europe. Revenue increased 4 percent in the third quarter, the company said yesterday in a statement, compared with the first half’s 4.5 percent growth and the 5 percent median estimate of nine analysts compiled by Bloomberg. The consolidated volume of beer sold rose 2.2 percent, compared with the median estimate of 3.2 percent. Both figures were reported on an organic basis, which excludes the effects of acquisitions and disposals.
LG reports quarterly profit
South Korean consumer electronics maker LG Electronics Inc reported a third straight quarterly profit yesterday as it sold more smartphones designed for faster wireless networks. LG Electronics said its net profit totaled 157 billion won (US$142 million) for the three months ending Sept. 30, compared with a 414 billion won loss a year earlier. Sales fell 4 percent to 12.4 trillion won as LG sold fewer low-end cellphones and the weak economy pressured demand for TVs. The result sent its shares up 2 percent in Seoul.
UBS mulling job cuts
The Wall Street Journal says the Swiss bank UBS is preparing to cut about 400 jobs. The Journal reports that the cuts will come in the investment banking division of UBS. The paper says the bank could shed thousands of additional jobs later. The paper says the bank could begin notifying employees of the cuts yesterday. It quotes people involved in the process. The bank declined to comment.