LEHIGH VALLEY, Pa. (Dec. 24, 2008)—Air Products is cutting 1,300 jobs in a restructuring aimed at producing a lower cost structure.
The group said it will take a pretax charge to earnings in the first quarter of $140 million to $160 million because of the cutbacks, which are needed to better align its businesses to reflect the declining The company said it is also revising its earnings outlook for its fiscal 2009 first quarter.
About three-quarters of the restructuring charge is for severance costs, Air Products said. The supplier of prepolymers used to make cast urethane elastomers and urethane curatives for elastomers said it will reduce its global workforce by about 7 percent.