The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20.13 - Manufacture of other inorganic basic chemicals
500 jobs Number of planned job losses
150 jobs Number of planned job creations
Announcement Date
26 February 2020
Employment effect (start)
1 April 2020
Foreseen end date
31 December 2021
Description
The management of the Belgian chemical group Solvay has announced a net loss of 350 jobs worldwide (500 job cuts and 150 job creations), including 100 job cuts in France, by the end of 2021. The company states in a press release that support measures will be proposed during the negotiations with social partners. The negotiations with employee representatives have been launched on 26 February and 'the savings will commence in the fourth quarter of 2020 and will be fully implemented by the end of 2021' according to Solvay. This plan will complement prior measures and raise the company's mid-term cost reduction target to at least €350 million.
The group announced that it anticipates a further organic decline in its gross operating surplus (Ebitda) in 2020, but has raised its cost reduction target to 2024, after achieving results in line with its forecasts last year.
Solvay has about 24,100 employees in 64 countries. A former worldwide restructuring took place in September 2010 with 800 job cuts.
Sources
26 February 2020: Solvay (Press release) (www.solvay.com)
Eurofound (2020), Solvay, Internal restructuring in World, factsheet number 99852, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99852.
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