18 June 2009 23:04 [Source: ICIS news]
TORONTO (ICIS news)--Evonik Cyro, a unit of Germany-based specialty chemicals major Evonik Industries, plans to restructure it business in North America, resulting in about 56 job cuts, it said on Thursday.
The measures where necessary to help the producer of acrylic sheet and moulding compounds cope with declining demand for its products in the automotive, construction and retail display industries, Evonik Cyro president John Rolando said.
“Our business and industry are challenged by a dramatic fall in demand for our products in the automotive, construction and retail display industries,” he said.
“We also face volatile energy and raw material costs, as well as pressure from globalisation as customers move manufacturing offshore,” he added.
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Cryo is seeking to save about $9m/year (€6.5m/year) from the measures, which were part of Evonik’s global cost savings programme aimed at cutting $690m by 2012, it added.
New Jersey-based Evonik Cyro is described as a leading manufacturer of acrylic sheet and moulding compounds, and bulk and performance monomers.
($1 = €0.72)
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