BP confirms 3000 chem jobs to go, half in US

24 February 1999 21:47  [Source: ICIS news]

LONDON (CNI)--More than half the 3000 job losses in the merged chemicals operations of London-headquartered BP Amoco Chemicals over the next two years will be in the US, the company confirmed Wednesday.

However, US securities regulators' restrictions on divestments of assets over the next two years will restrict the options the company has for any sell-offs it might consider, it said. Securities regulators have placed a limit of about $1bn (Euro909m) on group divestments for 1999. But there are no restrictions on acquisitions, the company said.

Bryan Sanderson, chief executive of BP Amoco Chemicals, said the business would have a total of 3000 job losses out of 23 000 employees over two years with the bulk coming in 1999. He confirmed that "slightly more than half" would be in the US. Sanderson told CNI that of the 1500 group-level redundancies previously earmarked for Amoco's Chicago operations, it is expected about 20% - or some 300 - will be attributable to the chemicals activities.

The job cuts in the UK chemicals activities will include 200 redundancies at the group's plants at Hull, England and 400 are to go at its Grangemouth complex in Scotland.

By: Patrick Reynolds
+44 208 652 3214

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