Solvay Boosts Efficiency Plans for Composite Materials

May 18 2020

Solvay informed that it will deepen and accelerate efficiency plans for its Composite Materials unit to reduce costs, improve productivity and better serve customers in light of reduced activity due to the COVID-19 crisis.

Building on measures already implemented earlier this year, Solvay's Composite Materials business intends to cease industrial operations at its plants in Manchester, UK, and Tulsa, Oklahoma (USA). Those activities will thereby be transferred to other best-in-class facilities, increasing capacity and improving operational efficiency. In addition, job reductions are being implemented across the business, and total headcount will likely reduce by approximately 570 positions, or around 20% of its workforce.

These structural changes will enable the business to adapt its cost structures and to partially mitigate the downturn in the near term. The implementation of this plan is expected to be largely complete by the end of 2020 and will result in annualized cost savings of approximately €60 million. A restructuring charge of around €30 million will be taken in Q2.

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