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Corporate Restructuring
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The parent of the Philip Morris cigarette companies said Tuesday it will close a North Carolina manufacturing plant that employs 2,500 people as it moves cigarette production for non-U.S. markets to Europe.
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British photographic retailer Jessops plans to close about a quarter of its shops with the loss of 550 jobs, it said on Thursday as it seeks to slash costs in the face of a steep downturn in trading.
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AutoZone, the largest U.S. auto parts retail chain, said its board elected William Rhodes as its new chairman and authorized the repurchase of an additional $500 million of the company's shares.
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Facing a grim housing market, Pulte Homes said Tuesday that it is cutting about 16% of its work force, or about 1,900 jobs, as part of a restructuring.
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Cadbury Schweppes is planning to move out of its expensive central London offices as part of a cost-cutting drive that will be announced on June 19, a source familiar with the matter said on Friday.
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Facing a grim housing market, Pulte Homes said Tuesday that it is cutting about 16% of its work force, or about 1,900 jobs, as part of a restructuring.
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DaimlerChrysler will use the repayment of intercompany loans to reduce its debt sharply once the sale of its U.S. arm Chrysler closes, Chief Financial Officer Bodo Uebber told a newspaper.
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Alcoa, the world's largest aluminum company, said it may sell three of its businesses including its packaging unit, which makes Reynolds Wrap, sending shares of the world's largest aluminum company up more than 7%.
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William Smith, chief executive officer at SAM Advisors, told CNBC’s “Power Lunch” that the 17,000 job cuts announced by Citigroup aren’t enough to move the company forward.
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Shares of Advanced Micro Devices rose about 4% after it announced a restructuring to lower costs. The chipmaker also cut first-quarter revenue guidance to $1.23 billion, well below Wall Street forecasts.
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Circuit City Stores said it will explore options including a sale for its Canadian unit InterTAN Inc. and cut about 3,400 store associate jobs as the retailer tries to improve its financial performance.
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Citigroup executives are putting the finishing touches to a restructuring plan that is likely to involve around 15,000 job cuts and a charge against earnings of more than $1 billion, according to people familiar with the matter, The Wall Street Journal reported.
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Insurer Standard Life beat market forecasts on Thursday with a 55% rise in 2006 profit and said it planned a shake-up of its core U.K. business, including 1,000 job cuts to squeeze out more costs by 2009.
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"These restaurant closures will have a positive impact on our future earnings, cash flow and return on invested capital," Dave Goebel, president and chief executive officer, said in a statement.
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British music and books retailer HMV issued a profit warning on Tuesday as it announced a three-year plan to cope with tough competition from supermarkets and Internet retailers.
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Coca-Cola said on Friday that it is reorganizing its North American business to better reflect its strategic focus and creating three new business units for its sodas and other beverages as part of the change.
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Coca-Cola Enterprises , the biggest bottler of Coca-Cola beverages, said it will cut 5% of its work force, or about 3,500 jobs, as part of a restructuring expected to cost $300 million.
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Ford Motor Co. had the worst year in its 103-year history in 2006. The automaker lost $5.8 billion in the fourth quarter alone – and lost $12.7 billion on the year. Yet CEO Alan Mulally - who came to Ford after overhauling aerospace giant Boeing - is reportedly considering paying bonuses to some of Ford’s managers, even as the company seeks concessions from its unions and predicts more losses this year.
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DaimlerChrysler's Chrysler Group should have a restructuring plan ready by February as it aims to recover from a loss expected to be near $1.3 billion for 2006, the automaker said.
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Delphi laid out a road map for its reorganization on Monday that includes up to a $3.4 billion investment from a private equity group in the bankrupt auto parts maker, potential creditor recoveries and an executive succession plan.