IHS Chemical Week

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Chemtura Reorganizes Business, Cuts Jobs

10:30 AM MDT | July 27, 2007 | Michelle Bryner

Chemtura says it will eliminate approximately 620 jobs, or 10% of its global workforce, as part of a restructuring plan to improve performance and accelerate growth. Chemtura anticipates the workforce reduction to result in about $50-million/year in cost savings beginning in 2008. The company says it expects to record charges related to the restructuring of $25 million-$35 million in the first or second quarter. Wood: Better insight into customer needs. The cutback comes after several quarters of poor earnings. The company reported a loss from continuing...

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