Chemtura Corporation cutting 500 jobs
Posted: December 14th, 2008 | Author: dubaidude | Filed under: By Location, USA | No Comments »
A Middlebury-based specialty chemicals company is cutting at least 500 jobs worldwide as part of a cost-reduction program.
Chemtura Corp. says the job cuts are part of a restructuring program intended to slash fixed costs by about US$50 million.
The company says the move involves a worldwide reduction in its professional and administrative staff of about 20 per cent of its approximately 2,500 white-collar workers.
The cuts will reduce the company´s overall work force by nearly 10 per cent.
In addition to the 500 jobs cut, the company says it´s altering its plant production rates to be more in line with customer demand and inventory reduction goals.
Chemtura is a manufacturer of specialty chemicals, crop protection and pool, spa and home-care products.
From Oilweek Magazine
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