Job cuts expected at Nova’s Sarnia, Ont. plant
Canadian PlasticsCanadian Plastics
Calgary, Alta.-based Nova Chemicals Corp. has indicated that it will cut 400 jobs and eliminate 200 contractor jobs...
Calgary, Alta.-based Nova Chemicals Corp. has indicated that it will cut 400 jobs and eliminate 200 contractor jobs after what executives call a “lousy” fourth quarter.
“In total, we will eliminate up to 400 Nova Chemicals’ positions or about 15 per cent of our workforce,” said president and COO Chris Pappas in a conference call. “Most workforce reductions will be completed by the end of the first quarter of 2009 and the reductions will be essentially completed by the end of the second quarter.”
Company executives have indicated that they don’t expect the situation to improve, and are instead focusing on measures that will result in cash generation and cost reduction. The job cuts are part of an initative to cut costs by about $100 million in 2009.
Job cuts are also expected at Nova’s three Sarnia, Ont. operations, but the company hasn’t disclosed how many jobs will be cut at the operations. Nova employs approximately 1,000 people in Sarnia in total.