US Cytec to cut 55 jobs and close site in Germany

31 July 2013 14:46  [Source: ICIS news]

HOUSTON (ICIS)--Cytec Industries plans to cut about 55 jobs and close a small site near Berlin, Germany, as part of cost reductions in its industrial materials business, the US-based chemical technologies and materials firm said on Wednesday.

“These actions support our commitment to improve the profitability of this business while we navigate through the current challenging economic conditions in the automotive and wind energy markets,” CEO Shane Fleming said.

Cytec aims to achieve cost savings of about $5.5m/year (€4.1m/year) from the measure.

The company will record a $2m pre-tax restructuring charge in the third quarter to account for severance costs, with “additional modest restructuring charges” expected in 2014, it added.

Cytec acquired the German site at Beelitz, southwest of Berlin, as part of its 2012 acquisition of Umeco.

($1 = €0.75)

By: Stefan Baumgarten
+1 713 525 2653

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