Eastman Cuts More Jobs, Raises Savings Target

Eastman Chemical says it will reduce its workforce by about 2%-3% over the next 4-6 weeks as part of a second round of cost-cutting measures. Late last year the company announced plans to reduce costs by more than $80 million in 2009 through the elimination of 40 positions, wage freezes, elimination of overtime, and changes to the company’s vacation policy. Eastman now targets 2009 cost savings of more than $200 million. In addition to the job cuts, Eastman will reduce base pay for U.S. employees by 5% effective March 30, with equivalent cost reductions at...

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