Home / Knowledge / News / Textiles / Recessionary trends take toll of major global chemical companies
Recessionary trends take toll of major global chemical companies
07
Jan '09
In the last quarter of the year, industry was troubled by the global meltdown which began from the US, and spread across the world. BASF - the world's largest chemical company in terms of sales has slashed its production, due to enormous decline in demand for its products. The company has temporarily shut down 80 of its plants worldwide.

In addition, BASF is reducing production at approximately 100 plants. Scheduled maintenance work is being brought forward. Worldwide, approximately 20,000 employees have been affected by the production cuts. The adjustments have been carried out in units that supply the automotive, construction and textile industries. Value chains affected include ammonia, styrene and polyamide, which manufacture precursors for engineering plastics, coatings and fibers.

The Dow Chemical Company has taken a series of aggressive actions to accelerate its transformational strategy in light of current economic realities. As part of the actions, Dow has eliminated approximately 5,000 full-time jobs, closed 20 facilities in high-cost locations and divested several non-strategic businesses. The job reductions represent a reduction of roughly 11 percent of Dow's global workforce.

Once fully implemented, these actions are expected to result in $700 million in annual operating cost savings by 2010 and are additional to the previously announced cost synergies of $800 million in the same time frame for the anticipated Rohm and Haas acquisition. In addition, due to poor current market conditions, Dow has temporarily idled approximately 180 plants and significantly reduced its contractor workforce worldwide by approximately 6,000 due to vastly reduced operations.

Huntsman Textile Effect is one more company in the long list which has cut 470 jobs in a new effort to trim costs in the unit that makes textile dyes and chemicals. Huntsman's Textile Effects is the leading global provider of high-quality dyes and chemicals to the textile and related industries.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Sunil Rathore
Lacoste India

‘New vendor is welcome if he offers cost, quality and timely delivery’

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search