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Evonik Introduces $677-Million Cost-Cutting Program

4:50 AM MDT | March 24, 2009 | Alex Scott

Evonik says it is introducing a cost-cutting program to save €500 million ($677 million)/year by 2012. The program will involve “optimizing” the infrastructure at more than 100 sites worldwide along with a sustained improvement in production efficiency, the company says. The initiative is designed to “weatherproof” the group from the economic downturn and enable the company to achieve its mid-term goal of creating value.   Engel: Feeling the headwind of economic recession.   The company already has about 3,000...

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