Nalco posts loss, continues cuts

NAPERVILLE- Water, energy and air purifier and consultancy company Nalco said Tuesday its second-quarter was affected by the weak economy and it likely would trim staff and plants, but declined to be more specific. It had a net loss of $29.2 million, or 21 cents per diluted share, versus a profit of $44.2 million, or 31 cents per share for the same period a year ago. Without these charges, earnings per share was 11 cents, compared to 32 cents a year ago. The restructuring amounted to $24 million to re-size employment levels, particularly in western Europe, and a $20 million noncash asset impairment to close several plants in the network. The company said it plans to expand more in China and India.