Clariant: plans job cuts amid reorganization

(CercleFinance.com) - Clariant is cutting jobs as the Swiss chemicals maker prepares to slim down the business by selling its pigments unit.


Around 1,000 employees who work in services and regional structures will be laid off, the company said in a statement on Wednesday.

Approximately one third of the reductions will be included via divestments, as the group continues its transformation into a higher-value specialty business, it said.

The reductions come as Clariant plans to focus on its core markets, such as care chemicals, catalysis and natural resources.

The company - which sold its healthcare packaging business last year and its masterbatches unit earlier this year - said it will make a provision of 70 million Swiss francs in its fourth-quarter accounts to account for the downsizing.

The Clariant share was down 0.7% in Zurich after this announcement.

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