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People & Business :: People/Executives
Ecolab and Nalco to Cut Jobs, Close Plants
1:06 PM MST | January 23, 2009 | Vincent Valk
Ecolab and Nalco have announced restructuring programs, including job cuts and plant closures. Analysts cite the difficult economy for both firms. Ecolab says it will cut 1,000 jobs, or 4% of its total workforce, as well as close plants, distribution centers, and two health care businesses. The company will take charges of about $19 million for the fourth quarter of 2008, and $65 million-$75 million for 2009. Ecolab says it expects to realize annualized cost savings of $70 million-$80 million as a result of these actions. Ecolab’s year-end earnings for 2008...
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