Clariant to cut 500 more jobs as part of restructuring programme

22 June 2009 12:39  [Source: ICIS news]

LONDON (ICIS news)--Clariant will cut a further 500 jobs in the second phase of its 2009 restructuring programme, the company confirmed on Monday.

The job cuts would be made at a number of locations in Switzerland, Germany and elsewhere, a company spokesman said.

The second wave of job cuts is being made on top of the cut of 1,350 positions announced at the start of the year, but is not unexpected.

CEO Hariolf Kottmann told ICIS news in March that the company was likely to implement two further restructuring phases.

Demand had continued to be around the fourth-quarter 2008 level, the spokesman said. Clariant had in February projected demand at that level for 2009 as a whole and in April said that it saw no signs of an upturn.

The Switzerland-based specialties maker wants to be "right sized to demand" and to close a performance gap with its peers, the spokesman said on Monday.

Sales volumes were down 25% year on year in the first quarter. Clariant’s fourth-quarter 2008 sales were down 16%.

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By: Nigel Davis
+44 20 8652 3214

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