updated 1/20/2009 8:56:55 AM ET 2009-01-20T13:56:55

Specialty chemicals maker Rohm & Haas says it’s cutting about 900 jobs, idling or closing plants and will record $90 million in pretax charges for the fourth quarter.

Major Market Indices

As part of the cost-cutting plan, Rohm & Haas also said Tuesday that it is freezing employee salaries and discretionary spending.

The Philadelphia-based company says it must adjust operations and cost structure in response to the slowing economy and widespread market weakness.

The company was supposed to be bought out by Dow Chemical, but has been on hold a Kuwaiti company backed out of a deal that would have helped Dow fund the acquisition.

The company says it plans to complete its restructuring this year, leading to pretax run-rate savings of about $90 million.

© 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Discussion comments


Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 3.79%
$30K home equity loan FICO 4.99%
$75K home equity loan FICO 4.69%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.83%
Cash Back Cards 17.80%
Rewards Cards 17.18%
Source: Bankrate.com