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 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

Deepak Jain
Baggout

We are using Facebook and Instagram to promote ourselves

Neel Sawhney
One Friday

‘The share of kidswear segment in the online sector is still small in...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Karan Arora
Karan Arora

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

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

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
March 2017

March 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