Headlines

MOMENTIVE PERFORMANCE MATERIALS ANNOUNCES RESTRUCTURING

January 26, 2009
/ Print / Reprints /
ShareMore
/ Text Size+

Momentive Performance Materials Inc., Albany, NY, has announced plans to restructure in order to cut costs during the current economic recession. The company is eliminating approximately 250 full-time positions worldwide, which represents a 9% reduction in total employment levels since early 2008. The company expected to take restructuring charges of approximately $15 million in the fourth quarter of 2008 and the first quarter of 2009 related to the reduction in force.

Momentive is also suspending company matching payments to its 401K Savings Plan, eliminating merit pay increases for this year, and suspending its employee Tuition Refund Program. Similar cost-saving actions are being taken by the company worldwide.

“As we end 2008 and look toward next year, we are facing unprecedented challenges related to the current global economic slowdown,” said Jon Rich, president and CEO. “While these actions are difficult, Momentive will continue to take all steps necessary to protect the company, provide exemplary products and service to our customers, and position ourselves for a recovery when it arrives.”

For more information, visit www.momentive.com.

Did you enjoy this article? Click here to subscribe to Adhesives & Sealants Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

ASI April 2014 Photo Gallery

Our April 2014 issue is now available!

Podcasts

ExxonMobil Tackifier Expansion

Dwight Tozer, vice president of ExxonMobil’s Adhesion Industry business, discusses the company’s latest tackifier expansion project with Editor-in-Chief Susan Sutton.

More Podcasts

Adhesives & Sealants Industry Magazine

ASI August 2014 cover

2014 August

Our August issue includes what is traditionally our most popular article of the year: the ASI Top 25. You won't want to miss it!

Table Of Contents Subscribe

THE ADHESIVES STORE

handbook-sealant-tech.gif
Handbook of Sealant Technology

The Handbook of Sealant Technology provides an in-depth examination of sealants, reviewing their historical developments and fundamentals, adhesion theories and properties, and today’s wide range of applications.

More Products

ASI 2014 Buyers GuideASI's Buyers' Guide

Annual purchasing resource for equipment used in the manufacture/formulation of adhesives, sealants, pressure sensitives, tapes and labels and for application of finished adhesives. 

Clear Seas Research

With access to over one million professionals and more than 60 industry-specific publications, Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40  youtube_40pxlinkedin_40 google+ icon ASI 30px