EMCC European Monitoring Centre on Change

Solvay

Company/Organisation:
Solvay

Geographic Location

Country: World
Location of affected unit(s): Belgium and other countries

Company

Sector: Manufacturing
Manufacture of chemicals and chemical products
20.13 - Manufacture of other inorganic basic chemicals
Number Employed: 23000

Employment Effects

Announcement Date: 24-02-2021
Planned Job Reductions min: 500
Type of Restructuring: Internal restructuring
Employment Effect Start: 24-02-2021
Foreseen End Date: 31-12-2022

Additional Information

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.

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