Solvay restructures fluor chemicals ops; staff cut by 250 |
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Mon, 29 Oct 2007 18:01
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BRUSSELS (Thomson Financial) - Pharmaceutical and chemical group Solvay SA said it is to restructure its fluor chemicals operations, leading to a cut in its 730-strong staff at the division by around 250 on five sites across three countries.The group said the market for these commodity products is affected by 'adverse developments, including a surge in low-cost competition from Asian manufacturers'.The competitiveness and sales of these products were also affected by high energy prices, the strength of the euro and the accelerated phasing out of fluorinated refrigerant gases induced by European regulations, it added.The five sites are based in Hannover, Bad Wimpfen and Frankfurt in Germany, Porto Marghera in Italy and Tarragona in Spain.Solvay said it has entered into the are levant social procedures' and will consider 'all feasible options' -- including early retirement and reassignment to other jobs and locations.Bernd Wilkes, general manager of the strategic business unit Fluor, said: 'With this reorganization, we want to ensure the future viability of Solvay's Fluor business. We firmly believe in the success of the currently initiated process.'simon.zekaria@thomson.comsz/akCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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