Clariant to Axe 4000 Jobs in restructure

Switzerland-based specialty chemical manufacturer Clariant are to axe 4000 jobs over the next 2 years.

The job cuts are part of Clariant’s restructuring programme, adopted after the company lost 648 million Swiss Francs in 2002. While changes resulted in a 161 million Swiss Franc profit for the 2003 year, the work is still far from finished.

In a bid to become more competitive, Clariant will also look to offload non-core assets.

Other organizational changes to take place include concentrating activities into their north Switzerland headquarters. Directors are also planning a share issue which they hope will raise 920 million Francs in capital.

Clariant manufacture a range of specialty chemicals including dyes, pigments, additives, electronic materials and pharmaceuticals.

For more information on pigments, click here.