Chemtura to cut staff by 10 percent |
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Wed, 04 Apr 2007 14:21
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MIDDLEBURY, Conn. (AP) - Chemtura Corp., which makes industrial chemicals, pool, spa and home care products, said Wednesday it will cut 10 percent of its staff as part of a larger restructuring project designed to save $50 million a year beginning in 2008.The Middlebury, Conn.-based company expects to take a related charge of $25 million to $35 million. The reorganization scales back its reporting structure to four segments from six, and includes some layoffs of operational management.The job cuts will affect 620 positions and are expected to be completed by the end of the second quarter.The company's four segments are now: polymer additives, which will include the former plastic additives and flame retardants business units; performance specialties, which will include the former petroleum additives, urethanes, optical monomers and fluorine specialties; consumer products and crop protection.Chemtura shares closed Tuesday at $11.41 on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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