Solvay restructures, cuts 800 jobs
Canadian Plastics
Economy Plastics Industry Economic Changes/ForecastBelgian chemicals firm Solvay SA announced plans to cut 800 jobs worldwide as it looks to reduce costs.
Belgian chemicals firm Solvay SA announced plans to cut 800 jobs worldwide as it looks to reduce costs.
“To lay the foundations of a new Solvay after the sale of the Pharmaceuticals activities and before the reinvestment of the proceeds of this sale, the Executive Committee proposes a new business structure,” the Brussels-based company said in a statement. The company expects to save approximately EUR120 million (Cdn$165 million) annually, and said the full effect of the restructuring should be perceived by 2012.
Solvay sold its pharmaceutical unit last year.
The company said that the 800 “redundant positions” are spread worldwide, and that it will try to soften the impact as much as possible by offering early retirement options wherever possible.
Solvay also announced it will create two global business units for Specialty Polymers and Special Chemicals, while its Essential Chemicals business will be split into regions covering Europe, North America, Mercosur and Asia-Pacific.
The company plans to create four Strategy Development Units for Specialty Polymers; Special Chemicals; Essential Chemicals and Vinyls. The task of these small teams would be to develop a global strategy for key products and market segments, in collaboration with the business units, it said.
