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
Effective from 1 January 2022, Armand Ajdari will be joining Arkema as the Group’s Chief Technology Officer. He will report to Thierry Le Hénaff, Chairman and CEO, and will be a member of the Group management committee.
Ineos Styrolution confirmed its decision to invest into a pilot plant for advanced recycling of polystyrene. The site will be set up in collaboration with Recycling Technologies in Swindon, U.K. It is expected to be operational in the second half of 2022.
The Air Liquide’s Board reviewed the Group’s leadership succession plan and approved the principle of a new form of governance. In this context, when the Board meets at the close of the 2022 Shareholders General Meeting, it will be asked to renew Benoît Potier’s term of office as Chairman of the Board of Directors and to appoint François Jackow to succeed him as Chief Executive Officer with effect from June 1, 2022.
