NewsFlashRohm and Haas cuts 925 N America jobs

17 June 2008 15:30  [Source: ICIS news]

TORONTO (ICIS news)--Rohm and Haas plans to cut some 925 jobs, mainly in North America, and also reduce emulsion capacities by 30% in the region, the US chemicals producer said on Tuesday.

 

The measures were part of a comprehensive set of actions to restore profitability and would complement the company’s recent pricing surcharges, implemented to help offset rising raw material, energy and freight costs, it said.

 

In addition, Rohm and Haas would cut overhead expenses for its specialty materials group in mature markets and adjust its infrastructure for its electronic materials group to reflect the increased shift of that business to Asia, it said.

 

“Today's actions will impact approximately 925 positions, primarily in North America, and are expected to result in an estimated $0.35 per share charge for the second quarter of 2008,” it said.

 

Rohm and Haas expected earnings per share (EPS) from operations to be reduced by $0.11 in the second half of 2008, primarily due to accelerated depreciation and other costs related to these actions, it added.

By: Stefan Baumgarten
+1 713 525 2653

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