Refrigerant manufacturer, Chemours, is to reduce its workforce by 400 across its global operation over the next year, the company announced this week.
The decision affects employees and contractors and will save the company around $50 million a year. The job losses represents 5% of its total workforce and will cost the company about $45 million in the last quarter of 2015. The decision is part of the company's plan to lower its costs and restructure so it can focus more closely on its core businesses.
Chemours president and CEO, Mark Vergnano stated:
Chemours president and CEO, Mark Vergnano stated:
"We continue to make significant progress executing against our five-point transformation plan by streamlining our portfolio and our organizational structure. The actions announced today will allow us to focus our resources on our core business segments, operate more efficiently, and strengthen our financial position.
"I want to express my sincere thanks to all the employees who are affected by today's announcement for their contributions to Chemours."
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