DSM cutting 1,000 jobs, expects 125m-150m euros in savings
[AMSTERDAM] DSM, the Dutch maker of pharmaceuticals and food supplements, said on Tuesday it is reorganising its operations to cut costs after recently folding some into joint ventures with other companies.
It will cut around 1,000 jobs after "delayering and elimination of duplications", it said in a statement.
DSM expects to incur one-time charges of 150 million to 175 million euros ($173 million-$202 million) and to record annual cost savings of 125 million to 150 million euros by the end of 2017.
This year, the company announced a manufacturing deal for with France's Medday to produce a multiple sclerosis drug; a deal to produce fortified foods and drinks with India's Sobisco; and a joint venture with NHU Engineering to produce high performance plastics in China.
On Aug 4, the company reported a 6 per cent rise in second-quarter core earnings to 279 million euros. It reiterated that it expects to have more than 1 billion in earnings before interest, taxes, depreciation and amortisation (EBITDA) for the full year.
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