The company announced that the cuttings are the result of the slow growth and the down of consumer spendings in Europe. Additionally, the situation complicates the competition from other regions, especially US and Asia.
SABIC is to cut 1,050 jobs in various European plants: in UK (Teeside), the Netherlands (Raamsdonkveer, Geleen and Sittard) and Spain (Cartagena). Moreover, the company will shut down assets in Gelsenkirchen (Germany) and Bergen op Zoom (the Netherlands).
Areas affected include manufacturing, production operations and administrative functions, with the exception of technology and innovations department. Restructuring would be implemented as soon as possible and should be completed early next year.