Business
2:38 pm
Fri May 2, 2014

Ashland Official Says Job Cuts, Restructuring Will Strengthen Company

The chairman of Ashland Incorporated says the Covington-based firm will emerge from a corporate restructuring a smaller but stronger company. James O’Brien made the comment during Ashland’s quarterly conference call Thursday. 

The plan involves the elimination of 800 jobs in the US and cost-savings of some $200-million. Ashland’s Calvert City plant will not be affected by these cuts. O’Brien says one of Ashland’s commercial units is also being sold.

“By the end of this year Ashland’s global redesign will be largely finished, and the sale of Ashland Water will be complete,” he said. “Although Ashland will be a smaller company, we will be more focused on our core specialty chemicals business. We should be better positioned for sustained sale earnings growth.”

The specialty chemicals firm reported a loss of 61-million dollars from continuing operations during its last three months. 

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