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.
