Gas and chemical products firm Air Products and Chemicals of Allentown, PA, has announced a restructuring that includes approximately 1,300 job cuts.
The company said it was making the move "to reflect rapidly declining conditions around the world." The restructuring is aimed at reducing overhead and infrastructure costs, reducing and refocusing elements of the company's technology and business development spending, and lowering its plant operating costs.
Air Products said it would take a pretax charge to earnings of $140 million to $160 million in the first quarter. About three-quarters of the charge is for eliminating 1,300 jobs, which represents 7% of the company's global work force.
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