27 October 2008 22:55 [Source: ICIS news]
HOUSTON (ICIS news)--US pigment maker Tronox is looking at ways to further streamline its corporate structure following the announced layoff of 80 employees earlier this month, a company spokesperson said on Monday.
Following the completion of the layoffs, "the next step in reshaping the company will be to evaluate opportunities to streamline the top of the organisation in an effort to flatten the overall structure," said Debbie Schramm, Tronox's director of investor relations and communications.
The company has set no timetable for the further streamlining, Schramm said.
Most of the 80 employees were laid off in mid-October but some would remain on the job until they have completed some strategic projects, Schramm said.
The action reduced the company's global workforce to about 1,820, she said, and some already-vacant positions are being eliminated.
"We believe this reduction results in a more appropriate staffing level for a chemical company of our size," she said. "This restructuring will reduce our cash costs and, as such, increase our competitiveness."
"As we have in the past, we will regularly evaluate our workforce to ensure we have the right people in the right positions to provide quality products and services to our customers."
At the close of trading on Monday, Tronox stock price had dropped to 17 cents/per share, a 94%% decline from $3.07 six months earlier.
In North America, TiO2 contract prices were in the range of 109-119 cents/lb ($2,403-2,623/tonne, €1,922-2,099/tonne) FD (free delivered), according to global chemical market intelligence service ICIS pricing.
($1 = €0.80)
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