Chemtura to Cut 10% of Workforce As Demand Falls

Middlebury, Conn. -- Specialty chemicals maker Chemtura (CEM Quote) says it will cut 500 white-collar jobs, or about 10% of its overall work force, because of shrinking sales.

The Middlebury, Conn.-based company said late Thursday the cuts are part of a restructuring program intended to slash fixed costs by about $50 million.

Chemtura employs about 5,000 workers worldwide. It says the cuts will reduce its professional and administrative staff of 2,500 people by about 20%.

It also plans to reduce production to bring rates in line with customer demand and inventory reduction goals.

Chemtura is a manufacturer of specialty chemicals, crop protection and pool, spa and home-care products.