Issue Date: February 2, 2009
Cabot To Close Four Plants
On the heels of slumping earnings, carbon black and silica maker Cabot says it will close four plants and one regional office this year. It is also mothballing two plants, reducing working hours at another, and delaying the start-up of a new plant in China. The plan will eliminate some 500 jobs, 12% of Cabot's total, and cost the company $150 million in charges, mostly in 2009. It will save the company some $80 million in 2010. The company's fiscal first-quarter earnings declined to $4 million from $36 million in the year-ago period.
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