Struggling to improve its financial position, Chemours is once again pruning operations. By the end of 2016, the company plans to eliminate 600 jobs worldwide and shut down its sodium and lithium metals facility in Niagara Falls, N.Y., the only such operation in the U.S.
The cutback will allow Chemours, which separated from DuPont in July, to operate more efficiently and concentrate on its core titanium dioxide and fluorochemicals businesses, says CEO Mark Vergnano.
About 400 jobs, or about 5% of the firm’s employee and contractor base, will be cut company-wide. Chemours will take a $45 million charge against earnings for this move, which it says will save $50 million annually.
An additional 200 jobs will go when Chemours shuts the Niagara Falls metals operation in December 2016. The company plans a $17 million charge but says its income will improve by $20 million annually....Best wishes to them.