DuPont to Cut 1,500 Jobs

Chemical company DuPont announced Wednesday that it plans to close four plants and cut approximately 1,500 jobs, mostly in Europe, as part of a restructuring of its performance coatings business.

DuPont plans to close four plants in Europe; two in Spain, one in Germany and one in The Netherlands. This is an addition to an announcement in February that it plans to close the Troy, MI location and eliminate an additional 200 jobs.

The planned restructuring will reduce annual costs by an estimated $165 million. The plan will also result in a one-time pre-tax restructuring charges of up to $165 million, as well as additional costs of up to $55 million over the next 12 months. This is due to an accelerated depreciation and other costs associated with the plan's implementation.

DuPont plans to implement the proposed strategy over the next 18 months.