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Sabic announces a restructuring program in Europe designed to strengthen its European businesses for the competitive challenges ahead, whilst maintaining the highest environmental, health and safety standards.
Following a full review of its European business, Sabic will restructure its European assets and organizational footprint. The planned restructuring includes the shutdown of certain assets and a net reduction of approximately 1,050 positions, while there will also be continued investments in plant improvements, new technologies and innovation. SABIC has initiated consultations with the relevant Works Councils and trade unions regarding the planned restructuring.Strategic Overview
Sabic said that its strategy is to deliever "Chemistry that latters" demonstrating excellent performance in environment, health and safety, cost competitiveness, customer value and sustainable profit levels. Furthermore, Sabic have stronger ambitions in terms of revenue, market position and innovation. With they aim at being in an even stronger position to meet customer needs, support its employees and contribute to the communities and environments within which they operate.Challenging Market Context
The European market is facing structural changes that are likely to set a new course for future competitive challenges. Chemistry industry continues to face slow growth, as consumers’ spending on houses, cars and appliances and investments in infrastructure projects are down. These developments have led to structurally reduced demand and squeezed margins. At the same time, competition has intensified from other regions, especially from the United States, which has the advantage of shale gas development, and Asia, which has increased local production capacity and consumption.Organizational changes
All of Sabic’s European assets have been reviewed and as a result Sabic plans to close certain assets and reorganize the supply of products from these affected assets through other plants.The planned organization has been redesigned to be more focused and efficient at delivering to customers’ needs at the highest environmental, health and safety standards. It is expected that a reduction of approximately 1,050 positions will take place across Europe, including 1/3 contracting staff and 2/3 SABIC employees.These changes will enable Sabic to continue to deliver Chemistry that matters to its customers and all its stakeholders.
More information: www.sabic.com