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.
Solvay has more than 23,000 employees in 64 countries.