Rohm & Haas cuts 900 jobs, takes $90 million in charges
Rohm & Haas announced that they will cut about 900 jobs, idle or close plants and record $90 million in pretax charges for the fourth quarter, according to the Associated Press. The company will also freeze employee salaries and discretionary spending this year. The Philadelphia-based company cited the slowing economy and widespread market weakness. Rohm & Haas did say it expects to beat Wall Street estimates for the quarter, excluding one-time charges. Rohm & Haas was supposed to be bought out by Dow Chemical, but that deal has been on hold after a Kuwaiti company backed out of a joint venture that would have helped Dow fund the acquisition. Rohm & Haas said it plans to complete its restructuring this year, leading to pretax run-rate savings of about $90 million.