Sector News

Cabot to cut 300 jobs amid lower oil prices

October 21, 2015
Chemical Value Chain

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

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