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Belgian Solvay to axe 450 jobs in Europe by 2016.

(SeeNews) - Jun 6, 2013 - Belgian chemicals group Solvay SA (EBR:SOLB) said today it would slash 450 jobs in Europe by 2016 under a restructuring of its soda ash business.

The measures are expected to save EUR 100 million (USD 131.2m) per year as of 2016.

Belgium will not be affected by the operation since Solvay does no longer have any soda ash plants in the country.

A total of 190 jobs will be cut in Portogal where the soda ash unit in Povoa will be closed by January 2014. The production capacity in Rosignano, Italy, will be adapted to the market needs. The facilities in Spain and Bulgaria will have to improve efficiency.

Production capacity at the US plant in Green River, Wyoming will instead be expanded, Solvay said.

The Belgian group, which is global market leader in soda ash, is responding with the current restructuring to overcapacity in Europe caused by the economic slowdown.

(EUR 1.0 = USD 1.312)
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Publication:SeeNews Belgium
Date:Jun 6, 2013
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