Akzo Nobel, ICI Announce Job Cuts: Rhodia Speeds Up Its Restructuring.(Brief Article)(Statistical Data Included)

Chemical Market Reporter, July, 2001

EUROPEAN CHEMICAL companies revealed a range of cost-cutting measures last week, including job reductions, in the face of lower second quarter profits and a continued downward trend for the rest of 2001. The largest cutbacks were announced by Akzo Nobel, which is eliminating 2,000 jobs at 30 sites worldwide in its coatings and chemicals operations.

Rhodia is accelerating a restructuring program that it will complete next year rather than in 2003. Capital spending will be reduced to 20 percent less than in 2000, and 2003 corporate expenses will be 30 percent lower than this year's. ICI disclosed that it cut 1,000 jobs in the first half of the year, 400 of which were in its US-based subsidiary National Starch. Another 200 jobs will be eliminated...

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