Rohm And Haas To Cut 925 Jobs
written by Mark LaPedus, courtesy of EE Times SAN JOSE, Calif. -- Hit by soaring prices for its materials, Rohm and Haas Co. will cut about 925 positions, or 6 percent of its workforce, primarily in North America. The broad-based materials supplier also plans to take the following measures: *A 30 percent reduction of installed capacity in the company's emulsions network in North America. *Reductions in overhead expenses for the Specialty Materials group in mature markets. *Adjustment of the company's infrastructure for its Electronic Materials group, reflecting the increased shift of the business to Asia. The moves are expected to result in an estimated $0.35 per share charge for the second quarter of 2008. In 2010, the company expects to deliver savings of approximately $110 million, with less than half of the benefit realized in 2009. ''The actions announced today complement the pricing surcharge implemented recently to address rising raw material, energy and freight costs,'' said R&H Chairman and Chief Executive Raj Gupta, in a statement. |
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