LyondellBasell Increases Cost-Reduction Target; Cuts Jobs and Closes Plants

LyondellBasell says it will cut more than 3,000 jobs, about 17% of its total workforce, and reduce the number of its outside contractors by 2,000, almost 30% of the total. The rationalization includes the closure of 20 offices and R&D sites, as well as at least 10 manufacturing plants. Most of the measures have been announced or completed, the company says. The moves are designed to enable LyondellBasell to achieve an increased, annualized fixed-cost reduction target of $700 million by the end of 2010. The target is part of a total annualized cost-improvement...

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