DuPont Cuts Spending Due to Fiscal Cliff Fears

Wednesday, 12 Dec 2012 01:16 PM

 

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Chemical maker DuPont will spend less on capital projects next year than initially planned due to uncertainty about the U.S. fiscal cliff, Chief Executive Ellen Kullman said in an interview.

The company, which has the largest market value among U.S. chemical makers, plans to hold capital spending at around $1.8 billion in 2013 and is delaying some projects until it is clear what U.S. tax policy will be, Kullman said.

"We're not going to spend as much as we thought next year," he said in an interview with Reuters on Wednesday after meeting with DuPont's board of directors. "We're asking if we need some of these expenditures."

Kullman said she personally is willing to pay higher U.S. federal income taxes to help avert the fiscal cliff, a package of spending cuts and tax hikes due to take effect in January unless lawmakers in Washington agree on a budget deal. Kullman's 2011 compensation package was worth $12.2 million.

"We understand there has to be a balanced equation. There has to be increased revenues and there has to be decreased spending," she said.

Late Tuesday, DuPont announced a $1 billion stock buyback and said 2012 profit should hit the high end of its forecast.

© 2014 Thomson/Reuters. All rights reserved.

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