Evonik Cyro to revamp N America operations, cutting 56 jobs

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.

Cyro would cut 35 positions at a site in Sanford, Maine, and 21 positions in other North American operations. The Sanford plant has a staff of 200.

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)

For more on Evonik visit ICIS company intelligence
To discuss issues facing the chemical industry go to ICIS connect

By: Stefan Baumgarten
+1 713 525 2653

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.

Printer Friendly