USG's Cost Reduction Program Impacts Workers
USG Corp. has announced in an SEC filing that it will cut
more jobs and other “cost reductions” to save $22 million to $28 million
annually.
USG Corp. has announced in an SEC filing that it will cut more jobs and other “cost reductions” to save $22 million to $28 million annually. These will be the first workforce cuts the company has had since 2008. Company officials estimate this will incur $4 million to $6 million in related charges.
The drywall manufacturer posted a net loss of $463 million in 2008 on sales and a $787 million loss last year. Through the first three quarters of this year, it has incurred $284 million in net losses on $2.24 billion in sales.
The company’s Richard Fleming, executive vice president and CFO, said in the SEC filing that bad market conditions prompted the cost reduction program “ … to further reduce its overhead and other costs.” Obviously, part of this initiative is the lay-offs. Workers at the company were told earlier this month about the job reduction program and the process will continue until late next month.
USG Corp. has announced in an SEC filing that it will cut more jobs and other “cost reductions” to save $22 million to $28 million annually. These will be the first workforce cuts the company has had since 2008. Company officials estimate this will incur $4 million to $6 million in related charges.
The drywall manufacturer posted a net loss of $463 million in 2008 on sales and a $787 million loss last year. Through the first three quarters of this year, it has incurred $284 million in net losses on $2.24 billion in sales.
The company’s Richard Fleming, executive vice president and CFO, said in the SEC filing that bad market conditions prompted the cost reduction program “ … to further reduce its overhead and other costs.” Obviously, part of this initiative is the lay-offs. Workers at the company were told earlier this month about the job reduction program and the process will continue until late next month.
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