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Clariant to cut up to 1,000 jobs as part of reorganization

November 26/2020

MOSCOW (MRC) -- Clariant AG plans to cut about 1,000 jobs as it slims down amid a series of divestments, the Swiss speciality chemicals company said, as per Reuters.

"The rightsizing programme foresees a reduction of approximately 1,000 positions in service and regional structures. Approximately one-third of the reductions will be included in the divestment transfers," it said, adding it would book a provision of around 70 million Swiss francs (USD76.9 million) in the fourth quarter for the programme.

The reductions will extend over two years and will include departures attributable to natural fluctuation, Clariant said. A previously announced cost-cutting programme aims to reduce around 600 positions at continuing operations and generate 50 million Swiss francs in savings by the end of 2021.

"By avoiding remnant cost and consequently reducing complexity, putting an even stronger focus on innovation, sustainability and operational excellence, we put our companys high value speciality businesses in a position to operate in an even more focused and agile manner. This will help us deliver above-market growth, higher profitability and stronger cash generation," Chairman Hariolf Kottmann said.

Clariant continues to emphasise organic and inorganic growth to drive its portfolio upgrade, it added.

As MRC reported before, earlier this month, Clariant (Muttenz, Switzerland) announced the construction of a new state-of-the-art catalyst production site in China. This project represents a significant investment which further strengthens Clariants position in China and enhances its ability to support its customers in the countrys thriving petrochemicals industry.

The new facility will be primarily responsible for producing the Catofin catalyst for propane dehydrogenation, which is used in the production of olefins such as propylene. Thanks to its excellent reliability and productivity, Catofin delivers superior annual production output compared to alternative technologies, resulting in increased overall profitability for propylene producers, says the company. Construction at the Dushan Port Economic Development Zone in Jiaxing, Zhejiang Province was scheduled to commence in Q3 2020, and Clariant expects to be at full production capacity by 2022.

Propylene is the main feedstocks for the production of polypropylene (PP).

According to MRC's ScanPlast report, PP shipments to the Russian market reached 880,130 tonnes in the nine months of 2020 (calculated using the formula: production minus exports plus imports, excluding producers' inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.

Clariant AG is a Swiss chemical company and a world leader in the production of specialty chemicals for the textile, printing, mining and metallurgical industries. It is engaged in processing crude oil products in pigments, plastics and paints.


mrcplast.com
Author:Anna Larionova
Tags:PP, PP block copolymer, homopolymer PP, PP random copolymer, Clariant International, Clariant Masterbatches.
Category:General News
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