New York, August 7 (FinanceEnquiry.com) – Dutch food and chemicals group DSM has decided to reduce its workforce by 5 percent due to weak demand for raw materials and tough market. The job cut will be done mainly in the Netherlands and rest of Europe.
The euro zone debt crisis has forced the company to take such a step. According to the world’s leading vitamin maker, the cost cutting will help the company to improve earnings before tax, interest, amortization and depreciation by around 150 million euros by 2014.
Second-quarter operating profit was reported by the company on the Tuesday, which was at the ow end of the expected range. It was affected by the weak demand for caprolactam. The weak demand is expected to affect the results for the remaining year as well.
The quarterly profit of the company skidded l 29 percent to 168 million euros on flat sales of 2.268 billion euros.
The shares of the company plunged 2 percent at the start of trading.
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