Elementis cuts costs

25 November 2002 00:00  [Source: ICB]

UK-based Elementis is closing its dichromate and chromic acid operations in Corpus Christi, Texas, US, with the loss of 60 jobs - but chromic oxide and chrome hydrate production will continue.

The decision comes two months after Elementis agreed toÊacquire the chromium chemicals operations of US-based Occidental Chemical (OxyChem) for $40m, plus another $6m in cash depending on future performance.

Elementis said it expects annualised savings of at least £10m ($15.9m) during the first two years following the OxyChem buy, scheduled for the end of 2002.

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