Greif 1Q profit plunges on restructuring costs - Business First of Columbus:

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The Delaware-based company told investors afteer the markets closed Wednesday that itearnes $1.3 million, or 3 cents a in the first quarter ended Jan. 31. That’s down drastically from profitof $60.67 million, or $1.03 a share, in the same quartere a year ago. First-quarter results, the company said, include $29 million in pre-tax charges associatecd with a company-wide initiative to cut costsd asdemand slows. That charge includes $16 millionm in severance costs as Greifcut 1,375 jobs company-wide and closed 10 Greif’s cost-cutting program, dubbed the Greif Business System, was launcherd in 2003 but picke d up speed last year as economivc conditions weakened.
Those conditions continued to make their markon Greif’s which fell 21 percent last quarter to $666.3 million from $846.3 millionj a year ago. our first quarter performance is adversely affected byseasonao factors,” CEO Michael Gasser said in a “This was further compounded in 2009 by the globalp economic downturn that began to impac our company in the fourth quarter of 2008.” The companty said it continues to look at additionaol ways to cut costs and expects to save abourt $50 million this fiscap year. Previous measures include hiring and salary freezea and the closure of 15 plantsin 2008.
Greif (NYSE:GEF) employs more than 8,600 The company last fiscal yearearned $234.3 million on $3.78 billion in