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
VEOLIA has agreed a deal to buy its rival Suez, ending a fraught takeover battle that merges the world’s two largest water and wastewater companies.
Borealis Group AG has commenced a new project to secure an increased supply of chemically recycled feedstock for the production of more circular base chemicals and polyolefin-based products.
The call is part of a campaign by Ceres, a nonprofit organization transforming the economy, and the We Mean Business coalition – a global, nonprofit coalition that collaborates with progressive businesses, to bolster action on climate change towards a zero-carbon economy.