Cabot Corp. plans to cut 300 jobs as part of a broader restructuring in response to sharply lower oil prices and falling demand, both of which have battered results in recent quarters.
The Boston specialty chemicals and performance materials company said it would book a charge of $35 million before taxes, largely tied to severance for laid off workers, and expects to save $50 million in the 2016 fiscal year.
Cabot affirmed its target of increasing fiscal 2016 profit by 75 cents a share, excluding certain items.
Analysts surveyed by Thomson Reuters project the company will end the year with a loss of $333 million on $2.91 billion in revenue, compared with a profit of $201 million on $3.65 billion in revenue last year.
Shares, largely flat in late trading, closed at $37.36 on Tuesday, down 15% for the year.
By Maria Armental
Source: Wall Street Journal
Appointed Borealis CEO in 2021, Thomas has led key initiatives including the sale of the nitrogen business, acquisitions of Rialti Spa and Integra Plastics AD, and Borouge’s IPO. He also made the final investment decision for the Borouge 4 plant, set to be the world’s largest polyolefin complex.
The Chemours Co. today named interim CEO Denise Dignam as the company’s permanent CEO and president, as well as a member of the board of directors, effective immediately. Dignam has been interim CEO since late February, when former CEO Mark Newman was placed on leave due to an internal investigation.
Neste Corp. (Espoo, Finland) has completed its organizational change process, announced on 1 November 2023. Neste informed that it will merge its three renewable business units into one Renewable Products business unit as well as restructure its functions to better support business-driven ways of working.