Ashland To Cut Up To 1,000 Jobs

Ashland plans to restructure its operations into three separate units and cut up to 1,000 jobs worldwide during 2014 for annualized savings of up to $200 million. The company is making the move in anticipation of the planned sale of its water treatment business. “We intend to be a smaller, more agile operation with better cost control, improved visibility, and greater accountability,” CEO James J. O’Brien says. Remaining units will be specialty ingredients, including personal care and pharmaceutical ingredients; performance materials, including elastomers, intermediates, and solvents; and the Valvoline lubricants business. Ashland says it also plans to move up to 1,000 jobs as it consolidates into lower-cost office space in the U.S. and abroad.