01 May 2009 18:57 [Source: ICIS news]
HOUSTON (ICIS news)--US butadiene (BD) maker Texas Petrochemicals (TPC) will reduce its headcount by 13% as part of a plan to cut costs and enhance profitability, a company spokesperson said on Friday.
“There will be a 13% cut across the board,” the spokesperson said without providing further details.
As of 13 February the company had about 500 full-time employees and 200 contract workers, according to a filing with the Securities and Exhange Commission.
TPC has also announced plans to idle some of its BD capacity, citing “extremely challenging” market conditions.
According to market sources, the company will cut BD production by 30%.
The spokesperson would not confirm that information.
TPC has two BD extraction plants in Texas with combined capacity of nearly 1m tonnes/year.
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