May 15, 2020 / 6:29 AM / 10 days ago

CORRECTED-BRIEF-Solvay Plans To Reduce Global Headcount In Composite Materials Division By 20%

(Corrects headline to say the reduction is to be implemented within the composite materials division not the whole company.)

May 15 (Reuters) - SOLVAY SA:

* ACCELERATES EFFICIENCY PLANS FOR COMPOSITE MATERIALS

* COMPOSITE MATERIALS: RESTRUCTURING ITS MANUFACTURING FOOTPRINT WITH INTENT TO CLOSE TWO SITES AND REDUCE GLOBAL HEADCOUNT BY 20%

* ON COVID-19: JOB REDUCTIONS ARE BEING IMPLEMENTED ACROSS THE BUSINESS, AND TOTAL HEADCOUNT WILL LIKELY REDUCE BY APPROXIMATELY 570 POSITIONS, OR AROUND 20% OF ITS WORKFORCE

* THESE STRUCTURAL CHANGES WILL ENABLE BUSINESS TO ADAPT ITS COST STRUCTURES AND TO PARTIALLY MITIGATE DOWNTURN IN NEAR TERM

* IMPLEMENTATION OF THIS PLAN IS EXPECTED TO BE LARGELY COMPLETE BY END OF 2020 AND WILL RESULT IN ANNUALIZED COST SAVINGS OF APPROXIMATELY EUR 60 MILLION

* ON COVID-19: SOLVAY’S COMPOSITE MATERIALS BUSINESS INTENDS TO CEASE INDUSTRIAL OPERATIONS AT ITS PLANTS IN MANCHESTER, UK, AND TULSA, OKLAHOMA (USA)

* A RESTRUCTURING CHARGE OF AROUND EUR 30 MILLION WILL BE TAKEN IN Q2

* FURTHERMORE, A COST-REDUCTION PROGRAM WAS IMPLEMENTED IN RESPONSE TO REDUCED PRODUCTION OF BOEING 737 MAX Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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