Cytec Industries to Cut More Jobs
April 16, 2009 by Stephen Kersey
Filed under Business
Due to slumping sales, Cytec Industries recently said they will have to cut costs. Part of their cost-cutting measures include additional job cuts. Earlier in 2009, the company said that it was eliminating 600 jobs. Now Cytec Industries says that they will have to cut a total of 12% of their workforce.
Cytec Industries is a specialty materials and chemicals company that is based in New Jersey. The products they sell are in various industries including mining, aerospace, plastics, coatings and water treatment. However, with the global financial woes, the company is seeing a drastic cut in their sales.
In the first quarter of 2008, the company had nearly $980 million in sales. This year, their sales slumped to around $600 million in the first quarter.
In addition to cutting jobs, Cytec Industries said they are also going to cut its quarterly dividend.
Chemical Barrel (Image: Flickr)
