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Ecolab cuts 1,000 jobs, stock shoots up
By www.EmploymentCrossing.com
http://www.EmploymentCrossing.com
Ecolab Inc.'s stock rose more than five percent Thursday morning, one day after it announced major job and cost cutting actions.
St. Paul-based Ecolab said late Wednesday afternoon it was restructuring its businesses and will cut 1,000 positions, including about 100 in Minnesota. The reduction impacts about 4 percent of the company's 26,000 person workforce.
The cuts included "just under 50" jobs at both its downtown St. Paul headquarters and its research center in Eagan, according to company spokesman Mike Monahan. The types of jobs that are affected range "across the board" he said, but proportionately, more of the jobs are in "non-customer facing areas." Employees were told of the layoffs Wednesday.
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