July 3, 2001 |
Chemical giant DuPont Co. on Monday sharply curtailed its earnings estimate for the second quarter, blaming a global economic slowdown and a strong dollar. The company now estimates earnings for the second quarter will come in between 35 cents and 45 cents, down from 90 cents in the year-earlier quarter. Wall Street was expecting earnings of 53 cents, according to First Call/Thomson Financial.
June 8, 2001 |
Bristol-Myers Squibb Co. agreed Thursday to buy DuPont Co.'s pharmaceuticals unit for $7.8 billion in cash, paying a premium to build up its line of AIDS and heart treatments as some of its biggest products face competition from generic drugs. The acquisition is the biggest for the drug maker since Bristol-Myers merged with Squibb in 1989, Bristol-Myers said. Sales at DuPont's drug unit, which makes AIDS drug Sustiva and clot-buster Coumadin, fell 8.6% to $1.49 billion last year.
June 2, 2001 |
DuPont Co. said it will cut more jobs than it announced in April as demand slows for consumer and industrial products in the U.S. and Europe. The Wilmington, Del.-based chemical company said eight weeks ago that it planned to reduce its work force by 4,000, or 4%, and to cut 1,300 contract workers. The company, second in sales to Dow Chemical Co., said it will provide details about the reductions when it announces second-quarter earnings July 25. DuPont shares fell 33 cents to close at $46.
April 20, 2001 |
DuPont Co. said it was stopping sales of its controversial fungicide Benlate, which has been at the center of hundreds of lawsuits and cost the company more than $1 billion in litigation expenses. DuPont, the nation's largest chemical company, said the move to stop selling the fungicide by the end of the year was not a product recall but a "voluntary business decision" based on financial and legal problems associated with Benlate.
April 3, 2001 |
DuPont Co., which invented nylon 63 years ago, said it will cut 4,000 jobs, 4% of its work force, as demand from clothing makers slows. The company will take a second-quarter charge of 40 cents to 45 cents a share. DuPont, the largest U.S. chemical company, expects to save about $400 million a year by the end of 2002. The company will also eliminate 1,300 jobs, or about 10%, of its contract workers, said spokesman Cliff Webb.
February 9, 2001 |
DuPont Co. said it has formed a fuel-cell unit to capture a piece of the growing market for the clean-energy technology that the chemical giant expects to be worth $10 billion by the end of the decade. Fuel cells are battery-like devices that combine hydrogen and oxygen to produce electricity, heat and water. Wilmington, Del.
October 26, 2000 |
Chemical giant DuPont Co. said Wednesday that third-quarter operating earnings fell 14% because of surging raw material costs and the weak euro. It said those same problems could hurt it over the remainder of the year. DuPont said operating earnings declined to $537 million, or 51 cents a share, from $625 million, or 59 cents, a year earlier. Consolidated revenue was flat at $6.4 billion.
April 16, 2000 |
As "new-economy" technology stocks were mauled last week, the shares of E.I. du Pont de Nemours & Co., an "old-economy" company renowned in chemistry, physics and biology, rose sharply and held on for a small gain. DuPont, which closed Friday at $56.55, has risen almost 25% in the last month. DuPont's rebound reflects new respect for the strengths and adaptability of traditional companies.
April 6, 2000 |
Dow Chemical Co., DuPont Co. and Germany's BASF, Bayer and Celanese agreed to form an online venture that will supply the $50-billion market for plastics-related materials and equipment. The unnamed company will operate as a separate entity and is expected to start Oct. 1. The venture, which will supply thermoplastic resins, molding equipment, maintenance supplies and services, initially will be worth about $50 million, the companies said.