28 November 2011 Business
Industry news, December 2011
Speciality chemicals maker Ashland is planning a major shake-up of its global operations that will result in 800-1000 job cuts and 800-1000 more positions relocating to ‘existing, lower-cost regional centres of excellence, both in the US and abroad’.
The company is already in the process of selling off its water technologies division, and plans to divest its elastomers business later in the year. The remaining segments will be reorganised in an effort to reduce costs and improve margins and regional flexibility. ‘We intend to be a smaller, more agile organisation with better cost control, improved visibility and greater accountability. As a result, we will be better positioned to meet the evolving needs of the marketplace,’ said chief executive James O’Brien.
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