First-quarter sales at Waters were down 10%, to $465 million, prompting the instrumentation firm to cut salaries, delay capital projects, furlough workers, freeze hiring, and cancel stock buybacks. Waters’s instrument sales were hardest hit, down 20% versus the first quarter of 2019. Geographically, China led the overall sales decline with a 48% drop. Executives will take pay cuts of 20–40% for 90 days. Other staff face 10% pay cuts and furloughs for at least the same period.That doesn't bode well for hiring at Waters, although I don't know what their hiring trends have been recently. It will be important to see what other firms are doing (I note that in Melody Bomgardner's Dow and BASF writeups that Dow is cancelling some capital projects and BASF's leadership are taking pay cuts.) This bears watching.
Monday, May 4, 2020
Waters cuts salaries, furloughs workers
Also in this week's issue of C&EN, this news from Craig Bettenhausen (emphasis mine):