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BUSINESS
DuPont announces it plans to cut 2,500 jobs
DOVER, Del. -- Chemical manufacturer DuPont said Thursday that it will cut 2,500 jobs and will not turn a profit in the fourth quarter as a severe slowdown in the automotive and construction markets eats away at chemical sales.
DuPont also said it will release 4,000 contractors by the end of this year, with additional contractor reductions expected in 2009, and will implement work schedule reductions and redeploy more than 400 employees on projects to reduce working capital and operating costs.
Shares in the Wilmington-based company were up 17 cents to $23.78 in midday trading.
DuPont president and CEO-designate Ellen Kullman said the company is stopping all discretionary spending, slowing or halting noncritical projects, and temporarily idling more than 100 manufacturing units.
DuPont has two West Virginia operations, located in Belle and near Parkersburg.
