Brief: Solvay Implements Job Reductions Around 20% Of Total Headcount

Solvac SA

15/05/2020 07:28

May 15 (Reuters) - SOLVAY SA  SOLB.BR :
    * ACCELERATES EFFICIENCY PLANS FOR COMPOSITE MATERIALS
    * ON COVID-19: JOB REDUCTIONS ARE BEING IMPLEMENTED ACROSS
THE
BUSINESS, AND TOTAL HEADCOUNT WILL LIKELY REDUCE BY
APPROXIMATELY 570 POSITIONS, OR AROUND 20% OF ITS WORKFORCE
    * THESE STRUCTURAL CHANGES WILL ENABLE BUSINESS TO ADAPT ITS
COST
STRUCTURES AND TO PARTIALLY MITIGATE DOWNTURN IN NEAR TERM
    * COMPOSITE MATERIALS: RESTRUCTURING ITS MANUFACTURING
FOOTPRINT
WITH INTENT TO CLOSE TWO SITES AND REDUCE GLOBAL HEADCOUNT BY
20%
    * IMPLEMENTATION OF THIS PLAN IS EXPECTED TO BE LARGELY
COMPLETE
BY END OF 2020 AND WILL RESULT IN ANNUALIZED COST SAVINGS OF
APPROXIMATELY EUR 60 MILLION
    * ON COVID-19: SOLVAY'S COMPOSITE MATERIALS BUSINESS INTENDS
TO
CEASE INDUSTRIAL OPERATIONS AT ITS PLANTS IN MANCHESTER, UK, AND
TULSA, OKLAHOMA (USA)
    * A RESTRUCTURING CHARGE OF AROUND EUR 30 MILLION WILL BE
TAKEN IN
Q2
    * FURTHERMORE, A COST-REDUCTION PROGRAM WAS IMPLEMENTED IN
RESPONSE TO REDUCED PRODUCTION OF BOEING 737 MAX

Source text for Eikon:  ID:nGNE53zlf1 
Further company coverage:  SOLB.BR 

 (Gdansk Newsroom)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 778 51 10;))