Clariant to Cut 1,000 Jobs as Revenues Decline

Clariant says it will reduce headcount by 1,000, 5% of its total workforce, as part of a new savings plan announced today. The move aims mainly to reduce costs in the sales, general and administration areas and is in response to deteriorating trading conditions. Clariant's sales in 2008 were SF8.1 billion ($6.9 billion), down from SF8.5 billion in the previous year. Full year guidance on Ebit and cash flow "was met with an operating margin before exceptionals in the range of 6.5% to 6.8% and a cash flow from operations of approximately SF400 million,"...

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