UNOCAL DETAILS EMPLOYEE REDUCTION PROGRAMS

05/25/1992
Unocal Corp. last week disclosed details of enhanced voluntary retirement and severance programs to reduce employment as part of a company-wide cost cutting effort. The company expects to eliminate 800-1,200 jobs and implement other expense cuts by the end of 1992, which would ultimately improve after tax cash flow by at least $200 million/year (OGJ, May 11, p. 26). The employee reductions include at least 400 personnel in Unocal's upstream energy resources group. The company expects involuntary layoffs to follow the voluntary program. The extent of involuntary reductions will depend on results of the voluntary program. ...
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