Swiss speciality chemicals firm Clariant has announced further job cuts amid a series of divestments.This content was published on November 25, 2020 - 09:19
The programme foresees a reduction of approximately 1,000 positions in service and regional structures, it said on Wednesday.
About one-third of the reductions will be included in the divestment transfers, adding that it would set aside provisions of around CHF70 million ($76.9 million) this year.
The job reductions will extend over two years and will include departures attributable to natural fluctuation, according to the Basel-based multinationalExternal link.
A previous cost-cutting programme announced earlier this year aims to reduce around 600 positions at continuing operations and generate CHF50 million in savings by the end of 2021.
“By avoiding remnant cost and consequently reducing complexity, putting an even stronger focus on innovation, sustainability and operational excellence, we put our company's high value speciality businesses in a position to operate in an even more focused and agile manner. This will help us deliver above-market growth, higher profitability and stronger cash generation,” executive chairman ad interim Hariolf Kottmann is quoted as saying.
Clariant, which had a turnover of CHF4.4 billion in 2019, operates in more than 50 countries around the world and has a workforce of nearly 18,000.