Solvay Plans 800 Job Cuts as Part of Major Reorganization

Solvay says it will cut 800 jobs, almost 5% of its total, as part of a previously announced reorganization designed to save the company €120 million in annualized costs. The measures are due to take full effect by the end of 2012. The moves follow the divestment of Solvay's pharmaceuticals business to Abbott Laboratories earlier this year. "To lay the foundations of a new Solvay after the sale of the pharmaceutical activities and before the reinvestment of the proceeds of this sale, the executive committee proposes a new business structure that will...

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