Rohm and Haas lays off 900
January 20, 2009
PHILADELPHIA — Specialty chemical company Rohm and Haas announced it will cut 900 jobs in response to widespread market weakness, according to MarketWatch.
The company, set to be acquired by Midland, MI-based Dow Chemical Company for $15.3 billion, has also frozen employee salaries for fiscal year 2009, the story stated.
Idle or under-utilized plants are set to close in the early part of 2009, the story noted.
Chief Operating Officer Pierre Brondeau said: "Our actions today are intended to adjust our operations to current business conditions, which reflect softening markets worldwide."
The structuring adjustments will cost the company about $90 million and will generate a pre-tax run-rate savings of roughly the same amount, the story added.
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