Solvay to Cut 500 Jobs, Create 150 New Positions

Date : 02/26/2020 @ 1:22PM
Source : Dow Jones News
Stock : Solvay SA (QX) (SOLVY)
Quote : 7.499  0.279 (3.86%) @ 4:50PM

Solvay to Cut 500 Jobs, Create 150 New Positions

Solvay (QX) (USOTC:SOLVY)
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By Kim Richters

 

Solvay SA said Wednesday that it will reduce its workforce by 500 jobs in 2020 and it will create 150 new positions.

The redundancies are part of its previously announced cost-savings program, the Belgian chemical company said. They will include 100 job cuts in France and 37 in Belgium, where it will add 20 new positions.

The company expects to include provisions of around 70 million euros ($76 million) in its 1Q results for this year, while savings from the reductions will start in 4Q.

Its mid-term cost reduction target will increase to at least EUR350 million due to the latest efficiency measures, it said.

 

Write to Kim Richters at kim.richters@wsj.com

 

(END) Dow Jones Newswires

February 26, 2020 08:07 ET (13:07 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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