Rohm & Haas cutting about 900 jobs

[Pale Blue Dot]

Source: MSNBC

NEW YORK - Specialty chemicals maker Rohm & Haas says it’s cutting about 900 jobs, idling or closing plants and will record $90 million in pretax charges for the fourth quarter.

As part of the cost-cutting plan, Rohm & Haas also said Tuesday that it is freezing employee salaries and discretionary spending.

The Philadelphia-based company says it must adjust operations and cost structure in response to the slowing economy and widespread market weakness.

The company was supposed to be bought out by Dow Chemical, but has been on hold a Kuwaiti company backed out of a deal that would have helped Dow fund the acquisition.

The company says it plans to complete its restructuring this year, leading to pretax run-rate savings of about $90 million.

Read more: http://www.msnbc.msn.com/id/28749324/

[relayerbob]

1. Make that 900 MORE

than the over 2500, including mine, lost last year. Their management was and is really out of touch. They have a good party line, and talk the talk, but their actual practices were very ignorant. They certainly didn't walk the walk.

[pattmarty]

2. It's all due to the short sightedness of the upper management.......

...people. Short term profits, and we'll worry about the long term health of the company later. Many of us have gone through what you have experienced. Hope you are working now and good luck in the future.

[Tesha]

3. Buy more Plexiglas®! (NT)