UPDATE 1-Clariant confirms to cut 500 more jobs worldwide

Related Topics

Mon Jun 22, 2009 5:51am EDT

* Confirms Sunday newspaper report

* Says further jobs cuts very likely in 2009/2010

* Follows 1,350 previously announced job cuts

ZURICH, June 22 (Reuters) - Swiss specialty chemicals company Clariant AG (CLN.VX) confirmed on Monday it would cut 500 more jobs worldwide and said further cuts were likely this year and next.

A spokesman confirmed a report in Swiss Sunday paper SonntagsBlick that Clariant would cut 500 more jobs, and added that more jobs could still be lost.

The new cuts come on top of 1,350 job cuts announced at the start of the year, including 150 in Switzerland, after the company posted a 5 percent fall in 2008 sales to 8.1 billion Swiss francs ($7.46 billion).

Clariant said in April it saw no signs of an upturn in forthcoming quarters and that it would have to adjust capacities to lower sales levels. [ID:nLT874371]

Around 20,000 people work at Clariant, which makes pigments for products from textiles to cars. Its shares were down 3.2 percent at 6.63 Swiss francs at 0943 GMT, compared to a 1.3 percent weaker DJ Stoxx European chemicals index .SX4P. (Reporting by Emma Thomasson; editing by Simon Jessop) (Zurich Newsroom, zurich.newsroom@reuters.com, +41 58 306 7336))

Related Quotes and News

Company
Price
Related News
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.