DSM to Cut 1,000 Jobs, Reports Lower Earnings

DSM has announced a restructuring program that will result in 1,000 job cuts, a reduction of about 4% in the company’s workforce. The restructuring is expected to generate €150 million ($185 million) in Ebitda benefits by 2014, the company says. The program is needed because of the tough economic outlook caused, partly, by financial uncertainty in Europe and challenging developments in other markets. The restructuring will be implemented over the next 18 months, and its one-off costs are estimated at about €125 million, half of which were included as an...

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