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Novartis takes scythe to Agrochem division; plan to slash 1,100 jobs seen reaping bumper

Article Abstract:

Novartis AG is planning to cut 1100 jobs from its agrochemicals division, or about 7% of the division's global payroll. The layoffs are expected to result in over 100 million Swiss francs in annual cost savings, beginning in 2001. Novartis is also conducting negotiations that could lead to the sale or spin-off of the agrochemicals division by the end of 1999. Novartis rivals AstraZeneca PLC and American Home Products Corp. are also said to be considering divestments of their agrochemical divisions.

Labor force information, Switzerland, Agricultural Chemicals, Pesticide, Fertilizer, and Other Agricultural Chemical Manufacturing, Planning, Human resource management, Novartis AG, Agricultural chemicals industry

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Degussa-Huels sees its shares advance 2.5%

Article Abstract:

Degussa-Huels AG posted poor pro forma earnings for the fiscal first quarter ending on December 31, 1998. However, the company's stock value increased by 2.5% as some investors regarded Degussa's shares as a bargain. The company posted a 26% decline in quarterly pretax profit to 181 million deutschemarks ($104.6 million). During the same period in 1997, Degussa posted 260 million deutschemarks in profits.

Comment:

Posted poor pro forma earnings for the fiscal first quarter ending on December 31, 1998

Germany, Sales, profits & dividends, CHEMICALS AND ALLIED PRODUCTS, Finance, Abstract, Degussa-Huels AG

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