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Cytec to cut jobs and restructure in industrial materials

11:55 AM MDT | July 31, 2013 | Vincent Valk

Cytec today announced plans to cut 55 jobs and restructure logistics and planning functions in the company’s industrial materials division, which comprises the former Umeco. The company will also close a site at Beelitz, Germany, southwest of Berlin. The actions are in addition to a previously announced restructuring that will involve the closure of three sties in California by 2015. The newly announced restructuring in industrial materials should save the company $5.5 million/year starting in the second quarter of 2014. The company will incur a $2-million...

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