Kerr-McGee cutting up to 250 U.S. jobs

Kerr-McGee Corp. is cutting its U.S. workforce by up to 9 percent, with the cuts coming in the non-union jobs. The cuts will involve layoffs as well as retirement incentives, the company said, with 200 to 250 of the roughly 3,500 U.S. workers heading out the door. The Oklahoma City company also plans to cut medical and pension spending by $15 million as part of the plan announced Sept. 16. Add that to about $30 million in reduced spending for wages and benefits for the departing employees, and Kerr-McGee expects savings of $45 million a year.

The company will take an after-tax charge of about $40 million in the fourth quarter to pay for the expenses associated with the reduction.

Kerr-McGee had already cut a similar number of jobs this year, including the closing of one chemical plant. The company, with about 4,500 employees worldwide, is saddled with $3.7 billion in debt.