Delta & Pine Land to Shut Ariz. Plant
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Leading U.S. cottonseed producer Delta & Pine Land Co. said it will close a plant in Chandler, Ariz., and lay off 50 people, or 7% of its work force, to cut costs.
Delta & Pine Land said it would take a $6-million charge in its fiscal fourth quarter for severance, plant closing and related expenses. The actions should save about $3 million annually beginning in fiscal 2002, the company said.
The company also said President and Chief Operating Officer Steve Hawkins has resigned to pursue other interests. Chief Executive and Vice Chairman Murray Robinson will take on the role of president.
Shares of Delta & Pine Land fell 72 cents to $20.03 on the NYSE.
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