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Economy
OQ tightens its belt in Germany
by Craig Bettenhausen
June 4, 2023
| A version of this story appeared in
Volume 101, Issue 18
The oxo chemical specialist OQ Chemicals is starting a 2-year cost-cutting program in Germany. The firm says it will outsource functions including technical workshops and logistics, eliminating as much as 10% of its nonproduction workforce, for a savings in the tens of millions of dollars. CEO Oliver Borgmeier says in a statement that high energy costs in Germany have increased OQ’s expenses by hundreds of millions of dollars.
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