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Companies sharpen job-cutting shears as sales slow
October 23, 2012
Faced with weakening revenue, two big companies warned on Tuesday that they would cut jobs as a way of protecting their profits.
DuPont Co (DD.N) said it planned to lay off about 1,500 workers – roughly 2 percent of its global headcount – as the chemical company grapples with weakening demand from the construction and renewable energy sectors.
United Technologies Corp (UTX.N) did not specify the magnitude of the cuts it was considering but said it would raise its full-year restructuring budget by 20 percent to $600 million as demand for its military equipment declines.
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