The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20.13 - Manufacture of other inorganic basic chemicals
500 jobs Number of planned job losses
Announcement Date
24 February 2021
Employment effect (start)
24 February 2021
Foreseen end date
31 December 2022
Description
Belgian chemical group Solvay has announced that it will cut further 500 jobs worldwide by the end of 2022, including around 64 net dismissals in Belgium, as a consequence of the COVID-19 effect on sales.
The company is to implement another restructuring and cost-saving programme related to the COVID-19 pandemic. The plan will increase the medium-term savings target of €300 million, announced in November 2019, to €500 million by the end of 2024, of which €175 million was generated in 2020. This new plan will result in a provision for non-cash restructuring of around €170 million and will be recorded in the first quarter of 2021. In 2020, the firm's net profit fell by 42.5% to €618 million.
In 2020, the company announced two worldwide restructuring programmes: in February 2020 (500 jobs cut and 150 created) and May 2020 (570 jobs cut).
Solvay has more than 23,000 employees in 64 countries.
Eurofound (2021), Solvay, Internal restructuring in World, factsheet number 103916, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/103916.
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