Rhodia has revealed the extent of job cuts that will take place in the wake of its restructuring exercise, initiated in response to the financial pressures facing the chemicals group.
The firm said it is planning to cut 984 jobs worldwide, including 728 in Europe, as part of a cost-cutting plan designed to save around €120 million as of 2005 and full-year savings of €165 million in 2006.
It said the job cuts will affect all functions, following a meeting with employee representatives at the European Works Council yesterday. Rhodia has committed itself to keeping employees' representatives informed about the new organisation for the group and its plan to re-deploy support functions located within the European zone.
The company plans to hold a meeting on 10 December with the French Works Council and another on 23 January with the European Works Council to further discuss the cuts.
Rhodia initiated its restructuring last month, at the same time as its former chief executive, Jean-Pierre Tirouflet, left the company after a prolonged period of dispute with shareholders.