Chemtura Announces Restructuring to Improve Performance, Accelerate Growth, Better Serve Customers
Chemtura will simplify its financial reporting structure from the current six units to four each led by a group president:
- Polymer Additives, which will include the former Plastic Additives and Flame Retardants business units and will be led by Anne Noonan;
- Performance Specialties, which will include the former Petroleum Additives, Urethanes, Optical Monomers and Fluorine Specialties and will be led by Bob Wedinger;
- Consumer Products, led in the interim by Kim Nicholson; and
- Crop Protection, led in the interim by Greg McDaniel.
Organizational streamlining is expected to result in a reduction of the company's global workforce by approximately 10 percent (620 positions), resulting in an annualized cost reduction of approximately $50 million beginning in 2008. The company expects to record charges related to the restructuring in the range of $25-$35 million. Most affected personnel are expected to be notified by the end of the second quarter.
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