MIDDLEBURY, Conn. (April 4) — Chemtura Corp. is condensing its financial reporting structure to four units, down from six, and cutting about 10 percent of its work force in an effort to improve performance and accelerate growth.
About 620 people are expected to lose their jobs in the reorganization, resulting in cost reductions of about $50 million per year starting in 2008. Most affected employees will be notified by the second quarter, the company said.
Chemtura expects the restructuring to cost $25 million to $35 million. The firm's sales in 2006 were $3.7 billion.