Solvay: restructuring plan for Composite Materials

(CercleFinance.com) - Solvay has announced that it will deepen and accelerate the execution of its efficiency plans within the Composite Materials activity in order to reduce costs and improve productivity in a context of declining activity due to the Covid-19 crisis.


The business intends to cease industrial activity at its plants in Manchester (UK) and Tulsa (Oklahoma, US). In addition, the total workforce is expected to be reduced by approximately 570 positions, i.e. 20% of Composite Materials' workforce.

The plan is expected to be fully implemented by the end of the year and will result in annual savings of approximately 60 million euros. A restructuring charge of about 30 million euros will be recorded in the second quarter.


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