Whitman Corp. to Restructure: The troubled diversified...
From Times Staff and Wire Reports
Whitman Corp. to Restructure: The troubled diversified conglomerate announced the long-awaited restructuring but shocked analysts by including the spinoff of its profitable food division Pet Inc. The company said it would take third-quarter charge of $150 million for the spinoff, resulting in a big loss for the quarter and full year. Chicago-based Whitman, formerly IC Industries, said about 1,000 of its 25,200 jobs will be cut through attrition, retirements and terminations and that it may move a headquarters staff to a less expensive Chicago location.
