DuPont Cuts Spending Due to Fiscal Cliff Fears

Wednesday, 12 Dec 2012 01:16 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
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.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Seeking Alpha: Sears to Close Stores, Cut About 5,500 Employees

Thursday, 23 Oct 2014 09:29 AM

Struggling retailer Sears Holdings Corp.will lay off at least 5,457 employees and close over 100 stores, many before Chr . . .

Jobless Claims Rise but Four-week Average Lowest Since 2000

Thursday, 23 Oct 2014 08:35 AM

The number of Americans filing new claims for unemployment benefits rose last week, but the underlying trend remained co . . .

Goldman Sachs: Trade Deficit Good for US Economy

Wednesday, 22 Oct 2014 15:05 PM

When economists bring up the U.S. trade deficit, which totaled $472 billion last year, they usually cite it as a negativ . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved