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News Breaks | | | | October 26, 2012 | | 09:21 EDT |  | USG | USG says to cut 35-50 positions as part of cost reduction plan
USG has initiated a program to further reduce its overhead and other costs. The program includes a management workforce reduction plan that is expected to reduce USG's and its subsidiaries' worldwide management positions by 10% to 15%, or 35 to 50 positions.The cost reduction program, including the workforce reduction, was first communicated to management employees on October 23. The first step in the workforce reduction will be to offer voluntary severance benefits. After the number of participants in the voluntary separation program is determined, an involuntary separation program may be implemented. Employees who are separated, either voluntarily or involuntarily, will receive separation benefits that include a lump sum payment based on earnings and length of service, an allowance to continue medical, dental and vision coverage and outplacement services. It is expected that all affected employees will be informed, and that the separation plan will be substantially completed, by the end of December. USG will record charges for termination benefits related to the workforce reduction in the current and future fiscal quarters in accordance with ASC 420, Exit or Disposal Cost Obligations. The Registrant estimates that these charges will aggregate $4M-$6.5M and that cash expenditures will be incurred in the current and future fiscal quarters in the full amount of the charges. | |
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News For USG From The Last 14 Days Check below for free stories on USG the last two weeks. |
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| May 14, 2013 | | 05:54 EDT |  | USG | USG management to meet with Buckingham
Meetings to be held in Baltimore, MD on May 14 and in Philadelphia on May 15 hosted by Buckingham. | |
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