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Enron Mail |
Give me a call if you want to talk more about ChevTex.
RJ x39934 -----Original Message----- From: Fitzsimmons, Brendan Sent: Wednesday, November 14, 2001 10:17 AM To: Johnston, Robert; Seigle, Clayton Cc: Tholan, Scott Subject: Chevron Texaco Merger basics $35.1B company based in SF Merger closed 9 October 2001 Trimming down to around 53k employees by end-02, charges by end-01 -- DJ ChevronTexaco/Terminations -2: Began Reductions In 4Q -- WASHINGTON (Dow Jones)--ChevronTexaco Corp. (CVX) said it began a work force reduction program in the fourth quarter that is expected to result in the reduction of about 7% of its 57,000 employees. Substantially all the reductions are expected to occur by the end of 2002, according to the company's quarterly report filed late Tuesday with the Securities and Exchange Commission. The newly-combined company said it expects to realize significant recurring cost savings from the work force reductions and other actions, after one-time merger-related costs. The company said it would provide detailed information on the expected annual savings from the merger, as well as the expected one-time merger-related expenses, later in the fourth quarter ending Dec. 31. As reported, ChevronTexaco was formed by the merger of Chevron and Texaco on Oct. 9 in a stock swap valued at $35.1 billion. The combined company, based in San Francisco, develops, explores for, refines and transports crude oil and gas. -Joanne McPike, Dow Jones Newswires; 202-628-7669; joanne.mcpike@dowjones.com
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