12/28/2010

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Solvay to cut 800 jobs

The group expects that about EUR 65 million in annual savings will come from the job cuts. A further EUR 55 million will come from other cost savings measures on external spending, says Solvay. The actions, to be fully implemented by 2012, are intended to refocus the firm on its chemicals and plastics businesses. According to Solvay, the measures are necessary in the wake of the divestment of Solvay Parmaceuticals to Abbott Laboratories. The reorganisation includes creating two new global business units: Specialty Polymers, to be headquartered in Bollate, Italy, and Specialty Chemicals, to be headquartered in Seoul, South Korea. In addition, the company's Essential Chemicals segment will be organised into regional business units: Europe, North America, Mercosur, and Asia-Pacific. In Vinyls, the existing structure based on a regional joint venture and public companies will remain unchanged.

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