Clariant Posts Annual Loss

Predicts more job cuts

Swiss chemicals group Clariant announced on Feb. 16 an annual loss of 194 million Swiss francs (US$ 180.5 million) last year and said it would proceed with restructuring plans and more layoffs.

The 2009 loss was slightly less than that forecast by analysts surveyed by the AWP agency who had estimated on average a loss of 204 million Swiss francs.

The group posted a loss of 37 million Swiss francs in 2008.

Clariant, which had cut 3,270 jobs last year, said it would proceed between 2011 and 2013 with closings and transfers of sites that would affect about 500 jobs.

The company also said that it does not expect a significant recovery in the global economy and while China and Latin America are expected to continue to show improvement, it would not make up for weak growth in Europe and the United States.

Copyright Agence France-Presse, 2010

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