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LyondellBasell Increases Cost Reduction Target; Cuts Jobs, Closes Plants

2:10 AM MDT | April 9, 2009 | Natasha Alperowicz

LyondellBasell, whose U.S. operations are under bankruptcy protection, says it will cut more than 3,000 jobs, about 17% of its total workforce and reduce the number of contractors working for the company by 2,000, or nearly 30% of the total. The rationalization also includes the closure of 20 offices and R&D sites and the closure of 10 or more manufacturing plants, most of which have been announced or completed, the company says. The moves form part of an increased fixed-cost reduction target to $700 million by end 2010 and are...

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