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Clariant to Cut 1,000 Jobs as Revenues Decline

12:48 PM MST | February 9, 2009

Clariant says it will reduce its headcount by 1,000 or 5% of its total workforce, under a recently announced savings plan. The move aims mainly to reduce costs in sales and general administration areas and is in response to deteriorating trading conditions, it says. Clariant’s sales in 2008 were SF8.1 billion ($7 billion), down from SF8.5 billion in 2007. The 2008 operating margin before exceptionals was 6.5%-6.8%, and cash flow from operations was about SF400 million. Clariant says it was impacted by an “unprecedented decline in global economic...

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