Rohm and Haas Cuts 200 Jobs
PHILADELPHIA, Sept 6, 2007 -- Specialty materials provider Rohm and Haas Co. announced Tuesday it will close its digital imaging business in Bristol, Pa., as part of a restructuring plan, eliminating 200 jobs.
The imaging business makes materials used in laser printer ink and generates only a tiny portion of its annual revenues, the company said.
Philadelphia-based Rohm and Haas' major business groups include specialty materials, electronic materials, paint and coatings and packaging and building materials. The company announced in April that it was buying Kodak's light management films business (See "Kodak Selling Unit to Rohm and Haas" )
Under the restructuring plan, Rohm and Haas said it will also reduce administrative and business service operations and move some research and development positions to "faster growth regions outside North America." The company said restructuring will save the company $15 million a year once it is completed in mid-2008.
The company eliminated 329 positions, primarily in its coatings and salt businesses in North America, in 2006. In 2005, it closed or partially shut down manufacturing facilities in North America, the United Kingdom and Germany and eliminated approximately 590 jobs companywide as part of the restructuring plan, according to Rohm and Haas' 2006 annual report.
The company said the impact of the Bristol closing on its third quarter earnings is expected to be approximately 7 cents per share.
For more information, visit: www.rohmhaas.com
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