SABIC cut 1050 jobs in Europe

SABIC to cut 1050 jobs in Europe

11:06 AM, 19th April 2013
SABIC to cut 1050 jobs in Europe

RIYADH, SAUDI ARABIA: Saudi Basic Industries (SABIC) plans to cut about 1,050 jobs in Europe and close some operations because of a gloomy business outlook. The company relies heavily on gas to power its plastics, fertiliser and chemicals businesses and is eyeing much cheaper supplies in the United States where a shale gas boom has cut prices to half European levels.

According to SABIC, lower consumer spending on houses, cars and appliances and less investment on infrastructure in Europe was cutting demand and squeezing margins. Two thirds of the job cuts will affect SABIC employees, with the other third made up of contract staff. Talks with trade unions over the restructuring plans have begun. Fears over possible redundancies hit production at one of SABIC’s plants in the Netherlands in February.

© Reuters News

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