Rohm & Haas Plans Layoffs, Plant Closures
Philadelphia-based Rohm and Haas Co., which employs about 600 people at its electronics materials facility in Marlborough said today that the company would cut about 900 jobs and idle or close "underutilized" plants in the face of "widespread market weakness."
The industrial chemicals company said the job cuts would affect "all regions and business" within the company except its salt division.
This morning, company officials would not say to what extent the Marlborough electronics materials plant and its employees would be impacted by the cuts.
Further cost-saving measures include freezing discretionary spending and employee salaries for 2009 and adjusting production schedules.
The cuts, which account for about 5.7 percent of the company's workforce, follow on the June layoff of 925 employees and are expected to save the company about $90 million and result in about $90 million in impairment charges for the fourth quarter of 2008. The company said its fourth quarter earnings would beat its prior expectations.
In July, Dow Chemical announced that it would acquire Rohm and Haas for $18.8 billion, but the worsening economy has put a damper on the deal, which is yet to close.
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