24 July 2009 17:14 [Source: ICIS news]
Ashland reported fiscal third-quarter net income of $50m, down from $72m a year earlier, but stressed that the results were not comparable as they were significantly affected by the acquisition of Hercules last year.
CEO James O'Brien said that demand could remain flat for the foreseeable future due to the global economy.
The $100m in savings will come mainly from job reductions and other cost-cutting measures, including $27m already identified in Ashland Distribution, O’Brien said.
Ashland exceeded its earlier $265m cost-reduction programme for 2009 by $22m, the company said.
During the third quarter, $87m savings were realised, including $54m of selling, general and administrative expenses and $18m of one-time savings, the company said.
Much of the savings have come through the company’s furlough programme, O’Brien said. Ashland has reduced staffing by more than 1,300 workers since April 2008.
($1 = €0.70)For more on Ashland visit ICIS company intelligence
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|