Ferro to cut 50 jobs; take $1.5m Q4 charge

13 December 2007 01:38  [Source: ICIS news]

HOUSTON (ICIS news)--Ferro will incur a fourth-quarter pre-tax charge of $1.6m (€1.1m) and eliminate 50 jobs in its inorganics specialty business as part of an additional restructuring, the company said on Wednesday.

Ferro said that it may record future severance and pension costs of about $2.3m through the third quarter of 2008 as a result of its actions and may cut more jobs.

The actions are part of the company’s effort to reduce costs in its inorganics manufacturing operations, including those in Europe, by $40m-50m/year by the end of  2009, Cleveland, Ohio-based Ferro said.

Ferro has 6,700 employees worldwide and reported sales of $2bn in 2006.

($1.00 = €0.68)

By: Brian Ford
+1 713 525 2653

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