Home / Knowledge / News / Textiles / Rohm and Haas Company plans to cut 900 jobs
Rohm and Haas Company plans to cut 900 jobs
21
Jan '09
Rohm and Haas Company announced a second set of actions to adjust its operations and cost structure to reflect the slowing economy and widespread market weakness. The initiatives, which build on actions announced in June of last year, will impact approximately 900 positions across all regions and businesses within the company except Salt, and are expected to result in approximately $90 million in pre-tax restructuring and asset impairment charges in the fourth quarter of 2008.

The actions are expected to be completed predominantly in 2009, and are intended to deliver pre-tax run-rate savings of approximately $90 million.

"Our primary goal is to meet customer needs and position our company for success in growing markets," said Raj L. Gupta, chairman and chief executive officer. "We will continue to aggressively protect our company from the challenges of deteriorating market conditions and a weakening economy."

Actions announced include:

• Adjusting production schedules in some manufacturing facilities to reflect current market softness;
• Realigning the company's manufacturing footprint to better utilize assets, including idling or closing underutilized plants;
• Reducing commercial-related positions that have been directly impacted by lower market demand; and
• Freezing discretionary spending and employee salaries, where possible, for 2009.

Pierre R. Brondeau, president and chief operating officer, added, "Our actions today are intended to adjust our operations to current business conditions, which reflect softening markets worldwide. We will continue to control costs in order to compete effectively, while preserving our capacity to accelerate performance when markets recover."

Outlook
The company also noted that it expects adjusted earnings per share from continuing operations for the fourth quarter of 2008 to exceed the current analyst consensus estimate.

Adjusted earnings per share excludes various special items such as restructuring and asset impairment charges, costs related to the proposed merger with The Dow Chemical Company, and other one-time costs such as the impact of hurricanes on the company's operations.

Rohm and Haas Company

Must ReadView All

Neelesh Hundekari speaking at the event. Courtesy: Subir Ghosh

Textiles | On 27th May 2017

Fabric of Change initiative announces €250000 scaling fund

The Fabric of Change initiative of Ashoka and the C&A Foundation is...

Pakistan's Finance Minister Mohammad Ishaq Dar presenting Budget 2017-18 in National Assembly in Islamabad on May 26. Courtesy: PID, Pakistan

Textiles | On 27th May 2017

Pakistan Budget 2017-18 proposes 4 new measures

To support the textile sector in Pakistan, finance minister Mohammad...

Textiles | On 27th May 2017

Indian exports can touch $325 bn in 2017-18: FIEO

Indian exports are on upward trend in last few months as the country...

Interviews View All

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Johan Berlin
InvestKonsult Sweden AB

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

Marten Alkhagen
Swerea IVF AB

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

Tony Ward
Tony Ward

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

news category


Related Categories:
May 2017

May 2017

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

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search