Stolt-Nielsen Announce Cost Reduction Program
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. eliminating some unnecessary management levels. The program will result in a one-time charge of approximately $10 million in 2002. Reginald J.R. despite recent improvement, have been less than satisfactory in recent years. initiative to improve the utilization of our assets, divest non-core assets, and reduce our cost base. several aspects of this initiative including combined service agreements with other parcel tanker operators to reduce operating costs and improve utilization…
Stolt-Nielsen Transportation Appoints New Chairman
At its recent meeting in Oslo, Jacob Stolt-Nielsen, 70, informed the Board of Stolt-Nielsen S.A. that as part of the handover of his responsibilities he whished to resign as chairman of the Stolt-Neilsen Transportation Group Limited (SNTG), the Group's chemical transportation business. Jacob Stolt-Neilsen is the founder of SNTG and has been its chairman since 1959. As a pioneer of the deep sea, multigrade parcel trade in chemicals and other specialty products, he remains chairman of SNSA, Stolt Offshore S.A. and Stolt Sea Farm Holdings. The board of SNSA decided to appoint Samuel Cooperman, 56, as the new chairman of SNTG, taking on the responsibilities with immediate effect and reporting to Niels Gregers Stolt-Neilsen, the CEO of SNSA. Reginald J.R.
