About: http://data.cimple.eu/news-article/f82456cae7b7ceac2c8e65fa76c5a4c41e17a81a0327191531773441

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About: http://data.cimple.eu/news-article/f82456cae7b7ceac2c8e65fa76c5a4c41e17a81a0327191531773441 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Belgian chemicals giant Solvay, facing difficulties linked to the coronavirus and the Boeing 737 MAX scandal, on Wednesday announced plans to cut 350 jobs around the world by the end of 2021. The company said in a statement it would axe 500 posts including some in senior management, but create 150 in the advanced materials sector, which supplies compounds to the aviation industry. Turning to its 2019 results, Solvay announced a 1.0-percent percent decline in bottom-line net profit to 1.075 billion euros ($1.2 billion) last year, while revenues stagnated at 10.244 billion euros. And the group warned of challenges in the months to come. Results for the first three months of 2020 were "expected to be down by high single digit as a combined result of the 737MAX production halt, the impact of the COVID-19 virus, and the increasingly challenging oil and gas market," Solvay said. The chemicals giant has ramped up its target for reducing costs by 2024, aiming to cut more than 350 million euros a year. Previously, it had set itself a goal of 300-350 million euros. Of the job losses, CEO Ilham Kadri said "it is never easy but it is necessary for the company's competitiveness". She said it was too early to assess the full impact of coronavirus on the company's business, but that precautions had been taken to protect employees in affected areas including China, which accounts for 10 percent of sales. clp/pdw/spm
schema:headline	Belgium's Solvay to cut 350 jobs worldwide
schema:mentions	Boeing 737 MAX Axe Chilean peso Belgium Chief executive officer China Severe acute respiratory syndrome coronavirus 2 Ilham Kadri Solvay S.A. Personal defense weapon
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-02-26 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	67 (xsd:integer)
http://data.cimple...tology#hasEmotion	fear

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