✦ LIBER ✦
Emergency cutbacks at BASF, Dow, Cabot, Lanxess & Merck
- Book ID
- 104371470
- Publisher
- Elsevier Science
- Year
- 2009
- Weight
- 56 KB
- Volume
- 2009
- Category
- Article
- ISSN
- 0969-6210
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✦ Synopsis
12,770 to 11,595 by the end of 2009. Also, the number of full-time contractors will be reduced by 490. The manpower reduction of 1665 should result in operating cost savings of $150 M/y. Capital expenditure is to be cut to $230 M for full-year 2009, compared against $420 M for 2008.
Huntsman had been poised for takeover by Hexion Chemicals (a subsidiary of the private equity fund, Apollo Management LP) as a result of an agreement reached in July 2007. However, Apollo failed to consummate the deal, as a result of which Apollo agreed to pay Huntsman