Fincantieri to Cut $330M Over Three Years

Friday, October 22, 1999
Fincantieri SpA will reportedly cut at least $334 million in costs - or between 15 and 20 percent of the total - over the next three years to return to profit. "By 2001, the company should be back in the black," Fincantieri Chief Executive Pier Francesco Guarguaglini told labor unions, according to press reports. The plan, while boosting production and efficiency, would not include layoffs. Fincantieri is expected to post a loss of more than $160 million this year and lose money next year as well. Guarguaglini was appointed chief executive in June.

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