Ashland To Eliminate 500 Salaried Jobs

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COVINGTON, Ky. (AP) - "Ashland, Inc. is eliminating about 500 salaried jobs in a cost-cutting move meant to boost profits for the oil refining and chemical giant.

The cutbacks announced Wednesday follow the reduction of about 200 jobs earlier in the year, and the combined 700 cuts are expected to save Ashland an estimated $100 million annually. The cuts represent about 7 percent of Ashland's salaried employees.

Ashland's chairman and chief executive, James J. O'Brien, said cost cutting was a 'pivotal part' of the strategy to produce stronger earnings for the company which also builds roads.

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The company said the cuts will occur companywide. Ashland said that 80 percent of the 500 jobs will be eliminated by Nov. 30."

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St. Louis Post-Dispatch