metro
10-16-2008, 03:55 PM
Tronox cuts 43 employees in Oklahoma City
Daily Oklahoman
Steve Lackmeyer
Published: October 16, 2008
Oklahoma City-based Tronox cut 80 employees Thursday, including 43 from its local operations.
The company, once part of Kerr-McGee Corp. before being spun off into a separate company, makes a pigment called titanium dioxide.
Spokeswoman Debbie Schramm said the company had a global workforce of 1,900 before the layoffs, including 215 in Oklahoma City.
“This is a part of our efforts to reshape our company in this difficult environment,” Schramm said.
“This will increase our competitiveness. We thank employees for their contributions to Tronox and want them to know this is not a reflection on their performance.”
The stock of Tronox, one of the world's largest producers of the widely used pigment titanium dioxide, was removed from the New York Stock Exchange on Sept. 30, when it was 17 cents a share. Three months ago, it was worth $3.32.
The Oklahoma City company has cut payroll and other costs, raised prices for its products and changed its leadership in an effort to reverse its losses.
Tronox, in regulatory filings has conceded it may be forced into bankruptcy, and traders appear to be pricing that possibility into the stock.
Schramm confirmed bankruptcy is one ongoing option.
“We are continuing to evaluate all options to improve the business,” Schramm said.
Daily Oklahoman
Steve Lackmeyer
Published: October 16, 2008
Oklahoma City-based Tronox cut 80 employees Thursday, including 43 from its local operations.
The company, once part of Kerr-McGee Corp. before being spun off into a separate company, makes a pigment called titanium dioxide.
Spokeswoman Debbie Schramm said the company had a global workforce of 1,900 before the layoffs, including 215 in Oklahoma City.
“This is a part of our efforts to reshape our company in this difficult environment,” Schramm said.
“This will increase our competitiveness. We thank employees for their contributions to Tronox and want them to know this is not a reflection on their performance.”
The stock of Tronox, one of the world's largest producers of the widely used pigment titanium dioxide, was removed from the New York Stock Exchange on Sept. 30, when it was 17 cents a share. Three months ago, it was worth $3.32.
The Oklahoma City company has cut payroll and other costs, raised prices for its products and changed its leadership in an effort to reverse its losses.
Tronox, in regulatory filings has conceded it may be forced into bankruptcy, and traders appear to be pricing that possibility into the stock.
Schramm confirmed bankruptcy is one ongoing option.
“We are continuing to evaluate all options to improve the business,” Schramm said.