On Wednesday, Swiss speciality chemicals giant Clariant AG stated, it plans on cutting nearly 1,000 jobs as it tappers down midst a series of divestments.

“The rightsizing program foresees a reduction of approximately 1,000 positions in service and regional structures. Approximately one third of the reductions will be included in the divestment transfers,” said Clariant while adding that it would a provisional $76.9 million (70 million Swiss francs) during the fourth quarter of the program.

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