A Middlebury-based specialty chemicals company is cutting at least 500 jobs worldwide as part of a cost-reduction program.
Chemtura Corp. says the job cuts are part of a restructuring program intended to slash fixed costs by about $50 million.
The company says the move involves a worldwide reduction in its professional and administrative staff of about 20 percent of its approximately 2,500 white-collar workers. Chemtura has about 5,000 employees worldwide, according to the company website.
The cuts will reduce the company’s overall work force by nearly 10 percent.
In addition to the 500 jobs cut, the company says it’s altering its plant production rates to be more in line with customer demand and inventory reduction goals.
Successor to what previously was Crompton & Knowles Corp., Great Lakes Chemical Corp., Uniroyal Chemical and Witco Corp., Chemtura is a manufacturer of specialty chemicals, crop protection and pool, spa and home-care products.
At 11 a.m., Chemtura shares traded at $1.19, up 2 cents, or 1.7 percent. (AP)
