Chemical company Rohm and Haas said on Jan. 20 it would cut 900 jobs amid a weak market reflecting deepening recession. The layoffs followed around the same number of job cuts announced by the company last June as demand plunged in recent months while the world faced a sharp economic slowdown.
"Our primary goal is to meet customer needs and position our company for success in growing markets," said Raj Gupta, chairman and chief executive officer. "We will continue to aggressively protect our company from the challenges of deteriorating market conditions and a weakening economy."
The new round of restructuring and job cuts is expected to generate about $90 million in annualized savings, the company said.
Amid the restructuring, Rohm and Haas still hopes rival giant Dow Chemical would acquire it. The plans ran into doubt after the recent cancellation by a Kuwaiti group to forge with Dow a $17.4 billion petrochemicals joint venture. Dow Chemical last year agreed to acquire Rohm and Haas for $15.3 billion.
Copyright Agence France-Presse, 2009