Newspaper article THE JOURNAL RECORD

Occidental Freezes Salaries, Plans Cuts

Newspaper article THE JOURNAL RECORD

Occidental Freezes Salaries, Plans Cuts

Article excerpt

NEW YORK (AP) _ Occidental Petroleum Corp. will freeze hiring and salaries immediately and plans to lay off about 500 workers by the end of 1993, the Los Angeles-based company said Thursday.

Occidental, which began a major restructuring in 1991 that cut the worldwide workforce of 55,400 to its current 24,700, mainly through the sale of assets, said the cost-cutting moves will save at least $300 million next year.

"We must continue to operate on the assumption that our performance in the near term could very well remain under the influence of a sluggish economy," Occidental's chairman, Dr. Ray R. Irani, told a meeting of security analysts in New York.

The planned layoffs, which will be worldwide, are expected to save the petroleum products company about $100 million. Roger Gillott, a company spokesman, said Occidental has not announced the divisions targeted for job-paring.

Occidental said the salary freeze is effective immediately and will remain in place through 1993 for all salaried employees earning more than $40,000 a year. …

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