Refrigerant manufacturer, the Chemours Company, is set to lay off more workers worldwide in a bid to save $350 million through to 2017.
Chemours CEO, Mark Vergnano, said the company is on track to achieving $100 million in savings in the second half of 2015 and that the cost cutting will continue.
In December the company said it would lay off around 400 workers worldwide or an estimated five per cent of its global workforce in the wake of losses totalling $45 million in its fourth quarter.
The layoffs are part of ongoing efforts to streamline and simplify the structure of the organisation worldwide and to reduce costs. The redundancies, which will be completed in 2016, are expected to save the company $50million per year.
While Chemours’ Fluoroproducts business remains strong, its Titanium Technologies and Chemical Solutions divisions are not performing as well.
Chemours, which began trading as a public company in mid-2015, is a spin-off from DuPont, one of the largest chemical companies in the world.
Chemours business manager in Australia, John McCormack, was not available for comment yesterday.