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
Trinseo (NYSE: TSE), a specialty material solutions provider, announced it has initiated an information and consultation process with the Works Council of Trinseo Deutschland GmbH regarding the potential closure of its styrene monomer production site in Boehlen, Germany.
H.B. Fuller Company announced that Celeste Mastin, Executive Vice President and Chief Operating Officer, will succeed Jim Owens as H.B. Fuller’s President and Chief Executive Officer, effective December 4, 2022. Upon assuming the role, Mastin will also join the Company’s Board of Directors, replacing Owens, who will be retiring.
New LyondellBasell CEO Peter Vanacker, who joined the company from Neste in May, today named his senior executive team and outlined organizational changes, including creation of a circular and low-carbon solutions business. All changes will be effective 1 October.
