Business | Economy
Sabic subsidiary cuts 1,000 jobs globally
The plastics subsidiary of Saudi Basic Industries Corp (Sabic) will cut 1,000 jobs from its global operations as part of a plan to reduce costs, a company spokeswoman said.
- Reuters
- Published: 23:41 December 11, 2008
Dubai: The plastics subsidiary of Saudi Basic Industries Corp (Sabic) will cut 1,000 jobs from its global operations as part of a plan to reduce costs, a company spokeswoman said.
Sabic Innovative Plastics - with operations in North America, Europe and Asia - will cut jobs mainly from outside its manufacturing division.
"The majority of these job cuts are coming ... from commercial sales, marketing and support functions," said Helen Vandebovenkamp, the company's European communications director.
The plan to trim non-essential jobs from the company's operations was decided about several months ago, she said.
"Nine months ago we designed a new business model and developed a new structure," Vandebovenkamp said by telephone. "As a result of this new structure we require fewer and more focused resources."
In November, Sabic Chief Executive Mohammad Al Mady said he expected the unit, purchased last year, to improve profitability due to the decline of fuel prices in the US.
Nine months ago we designed a new business model and developed a new structure. As a result of this new structure we require fewer and more focused resources."
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