Clariant to cut more jobs as Q4 results released
Speciality chemicals company Clariant International has announced that it is to cut 1,000 positions as part of its outlook for 2009. This is in addition to the 2,200 job cuts announced in 2006.
Speciality chemicals company Clariant International has announced that it is to cut 1,000 positions as part of its outlook for 2009. This is in addition to the 2,200 job cuts announced in 2006.
The company today posted a sales figure of CHF8.1bn for 2008, as compared to CHF8.5bn in 2007, a 5% decline in CHF, but an increase of 1% in local currencies on the same period of the previous year. While Clariant’s functional chemicals business performed well growing 9% in local currencies and its pigments and additives division remained stable, the company was significantly impacted by poor performances in both its textiles, leather and paper chemicals division and its masterbatches division. According to Clariant, this was due to weaker demand from consumer industries.
However, Clariant has managed to slightly reduce its debt to CHF1.21bn from CHF1.36bn and minimize the damage caused by a 15% increase in raw materials costs a price increase of 7%.
As well as reducing its workforce, Clariant has announced that it will simplify its organisation to unwind additional cash generation and cost savings potential.
