Stolt-Nielsen Announce Cost Reduction Program

Friday, January 18, 2002
Stolt-Nielsen Transportation Group Ltd. (SNTG), a wholly owned subsidiary of Stolt-Nielsen S.A. announced a cost reduction program for its business operations which will include the reduction of 10 percent of its approximately 900 office-based staff. SNTG estimates that the restructuring will enable annual cost savings of approximately $10 million by 2003 by consolidating operations in key regional centers eliminating some unnecessary management levels. The program will result in a one-time charge of approximately $10 million in 2002.

Reginald J.R. Lee, Chief Executive Officer of SNTG, said, "The consolidation of our customer base in the chemical industry and the resulting needs for improved and more-cost-effective services has required new strategic initiatives to improve our returns, which despite recent improvement, have been less than satisfactory in recent years. In early 2001, SNTG embarked upon a major strategic initiative to improve the utilization of our assets, divest non-core assets, and reduce our cost base. We have previously announced several aspects of this initiative including combined service agreements with other parcel tanker operators to reduce operating costs and improve utilization; the sale of non-strategic terminals in Perth Amboy and Chicago; and the construction of a new storage terminal in Braithwaite, LA and expansion of terminals in other key ports to increase the synergy between our ships and storage terminals. We are confident that these steps will enable us to better provide cost-effective services to our customers, maintain our leadership position in the industry, and improve shareholder returns."

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Navy

Sunken WW II Ship Oil Leak Plugged

Atlantic Coast Marine Group, Inc. successfully responds to World War II era motor tanker leaking massive cargo of oil into the Atlantic Ocean's waters. Beaufort,

Maritime Reporter @ 75: The Daily Cartoon

Maritime Reporter & Engineering News was founded by John J. O'Malley (1905-1980) in 1939, and today ranks as the world's largest audited trade publication in the world serving the maritime industry,

Today in U.S. Naval History: July 22

Today in U.S. Naval History - July 22 1802 - Frigate Constellation defeats nine Corsair gunboats off Tripoli. 1905 - Body of John Paul Jones moved to Annapolis, Md.

Finance

Suicide Attack Escalates Libya Violence, Oil Output Slips

Crude output slips for first time since port deal; fresh clashes in Tripoli and Benghazi. Brega oil port seen open in few days. A twin suicide bombing at a Libyan

Pier Damaged at Port Canaveral

Undergoing Repairs While Coast Guard Investigates   The U.S. Coast Guard is investigating a weekend incident that caused pier damage and scattered concrete debris in the harbor on Sunday.

APM Terminals to Sell Container Terminal in Virginia

Port operator APM Terminals, a unit of Denmark's A.P. Moller-Maersk, said it would sell a big U.S. container terminal to infrastructure investor Alinda Capital

 
 
Maritime Security Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1317 sec (8 req/sec)