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.
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.