Hoechst Chemicals Jobs Will Be Cut
Jul. 15, 1999
NEW YORK (AP)_ Hoechst AG's industrial chemicals business, which is being spun off into a separate company later this year, plans to eliminate 1,000 of its 17,000 jobs to cut costs, a company official said Thursday.
The job cuts will be completed by the end of 2000.
German drugmaker Hoechst is unloading its industrial chemical business as part of its proposed merger with French pharmaceutical firm Rhone-Poulenc.
The industrial chemical businesses will be combined into a new company called Celanese AG that will be formed later this year. It has operations across Europe and the United States.
A company spokeswoman said it is unclear yet where the job cuts will occur. In the United States, Hoechst's chemical's operations are in Texas and the Southeast. The company also has administrative jobs in New Jersey.