People & Business :: Companies
Ecolab Takes Cost-Cutting Measures
12:03 PM MST | January 15, 2009 | Vincent Valk
Ecolab (St. Paul, MN) announced a restructuring and cost-cutting plan that will involve cutting 1,000 jobs, or 4% of the company’s workforce, reducing the number of plants and distribution centers, and closing two healthcare businesses. The company will take restructuring charges of about $19 million for the fourth quarter of 2008 and $65 million to $75 million for 2009. Annualized cost savings of between $70 million and $80 million are expected as a result of these actions. Year-end earnings for 2008 are expected to be in the $1.85/share-$1.87/share range...
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