DuPont to cut costs by billions

Number two US chemical maker, DuPont, said it is planning to announce layoffs on April 27, 2004, the day it releases its fourth-quarter results, as part of an overall plan to trim $900m (€749.53m) in costs by 2005.

DuPont employs 900 people in Derry and is the main supplier of Lycra to customers throughout Europe .With an annual turnover of £300m (€431.02m), the company is one of Northern Ireland's largest exporters.

DuPont is has manufacturing and distribution operations in more than 60 countries.

The company said it is attempting to grow earnings at 6% per year going forward.

The company is to sell its Invista synthetic fibre business to Koch Industries for $4.4bn (€1.83bn) in a deal that will close next year.

DuPont will save about $200 m(€166.56m) by divesting the unit.