LANXESS recently announced that it has adjusted a series of investment plans. Dow, 3M, and DuPont have also announced large-scale layoffs in response to financial and chemical double snowstorms.
According to LANXESS, the market demand in the first quarter of 2009 will be extremely depressed. Under the background of the global decline in the demand for chemicals, the company decided to postpone some investment plans. As originally planned in January 2009, the butyl rubber plant in Singapore was postponed until the autumn of 2009. In addition, the expansion plans for Leverkusen and Antwerp production plants will also be postponed.
Among the three companies that announced layoffs, Dow Chemical has the highest total number of layoffs. The world’s largest chemical company will lay off 5,000 people and shut down 20 production facilities in high-cost regions, selling a number of non-strategic businesses.
DuPont plans to lay off 4.2% of its workforce, or about 2,500, while shutting down 10 factories and reducing the operating rate of over 100 factories. 3M also announced a layoff of 2,300 people in the fourth quarter, while lowering its 2008 profit forecast.
With the announcements of the major chemical giants in the third quarter, profits of all companies have declined. BASF’s net profit fell by 38% in the third quarter, Dow declined by 12%, and DuPont declined by 30%. Reductions in layoffs, mergers and acquisitions and divestitures, and the acceleration of the layout of emerging industrial countries will become important axies for the international chemical giants to survive this winter and tomorrow.
According to LANXESS, the market demand in the first quarter of 2009 will be extremely depressed. Under the background of the global decline in the demand for chemicals, the company decided to postpone some investment plans. As originally planned in January 2009, the butyl rubber plant in Singapore was postponed until the autumn of 2009. In addition, the expansion plans for Leverkusen and Antwerp production plants will also be postponed.
Among the three companies that announced layoffs, Dow Chemical has the highest total number of layoffs. The world’s largest chemical company will lay off 5,000 people and shut down 20 production facilities in high-cost regions, selling a number of non-strategic businesses.
DuPont plans to lay off 4.2% of its workforce, or about 2,500, while shutting down 10 factories and reducing the operating rate of over 100 factories. 3M also announced a layoff of 2,300 people in the fourth quarter, while lowering its 2008 profit forecast.
With the announcements of the major chemical giants in the third quarter, profits of all companies have declined. BASF’s net profit fell by 38% in the third quarter, Dow declined by 12%, and DuPont declined by 30%. Reductions in layoffs, mergers and acquisitions and divestitures, and the acceleration of the layout of emerging industrial countries will become important axies for the international chemical giants to survive this winter and tomorrow.
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