15 June 2009 14:51 [Source: ICIS news]
(Recasts, clarifying second paragraph and adding detail on employee numbers)
LONDON (ICIS news)--Russian petrochemical producer Sibur is reducing its workforce and plans to close plants to help cut costs during the downturn, the company’s CEO said on Monday.
Sibur’s workforce would number around 60,000 by the end of the year compared with a headcount of over 100,000 in 2003. Since then the number of employees has gradually decreased due to increased efficiency, outsourcing and moving staff to subsidiaries.
“As the petrochemicals industry is one of the most hit we sometimes cannot offer our employees a competitive package and in some cases they leave,” said CEO Dmitry Konov.
Sibur would look to close sub-scale sites and expand in other places, Konov said at a press briefing. “We have made some decisions but have not yet executed them fully.”
The company was also looking to exit its tyres business which has been hit by the automotive downturn. Konov described it as a “disaster”, saying it would be very difficult to find interested parties, especially under current market conditions.
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections