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Rohm and Haas Cuts 900 More

Photonics.com
Jan 2009
PHILADELPHIA, Jan. 20, 2009 -- Specialty chemicals maker Rohm and Haas Co. today announced it will cut another 900 jobs, idle or close underutilized plants and freeze salaries and discretionary spending in response to the weakening economy.

The actions follow the layoff of 937 employees, primarily in North America, last June. The second round of restructuring actions, which will cut another 5 percent of its work force, is expected to result in $90 million in pre-tax and asset impairment charges in the fourth quarter of 2008, the company said, but are expected to deliver about $90 million in pre-tax savings. Most affected will be commercial-related positions directly impacted by lower market demand.

Rohm and Haas makes chemicals used in industries including electronics and electronic devices, construction, transportation, medicine, pharmaceutical products, and industrial processing. It creates surfaces for semiconductor chips and provides lithography techniques to improve the speed and power of semiconductor devices and integrated materials and surface finishing processes for electronics, optoelectronics and industrial applications. Its Display Technologies unit produces advanced films that improve the brightness and efficiency of LCDs and develops organic LED (OLED) materials.

"Our actions today are intended to adjust our operations to current business conditions, which reflect softening markets worldwide. We will continue to control costs in order to compete effectively, while preserving our capacity to accelerate performance when markets recover," said Pierre R. Brondeau, president and chief operating officer.

The company said it expects adjusted earnings per share for the fourth quarter of 2008 to exceed analyst estimates.

For more information, visit: www.rohmhaas.com



GLOSSARY
electronics
That branch of science involved in the study and utilization of the motion, emissions and behaviors of currents of electrical energy flowing through gases, vacuums, semiconductors and conductors, not to be confused with electrics, which deals primarily with the conduction of large currents of electricity through metals.
optoelectronics
A sub-field of photonics that pertains to an electronic device that responds to optical power, emits or modifies optical radiation, or utilizes optical radiation for its internal operation. Any device that functions as an electrical-to-optical or optical-to-electrical transducer. Electro-optic often is used erroneously as a synonym.
photonics
The technology of generating and harnessing light and other forms of radiant energy whose quantum unit is the photon. The science includes light emission, transmission, deflection, amplification and detection by optical components and instruments, lasers and other light sources, fiber optics, electro-optical instrumentation, related hardware and electronics, and sophisticated systems. The range of applications of photonics extends from energy generation to detection to communications and...
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