IHS Chemical Week

People & Business :: People/Executives

Cytec, Omnova Cut Costs and Jobs

2:55 PM MST | January 13, 2009

Cytec says it plans to cut 600 jobs, or about 10% of its workforce, as part of a restructuring plan aimed at yielding annualized cost savings of $85 million. Cytec also says it will shutter its plant at La Llagosta, Spain and reduce or eliminate production of certain “low-margin” products at sites in Drogenbos, Belgium, and Hamburg. These actions will result in a restructuring charge of up to $140 million during the next several quarters, Cytec says. The company lowered its 2008 earnings forecast to $3.45/share to $3.50/share, from $3.75/share to...

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