Solutia Inc. announces plans to cut up to 800 jobs.
St. Louis (AP) -- Solutia Inc. has warned of an earnings shortfall and announced plans to cut up to 800 jobs as part of a cost reduction plan aimed at saving $100 million annually. The St. Louis-based company said that uncertain economic conditions in the U.S. and Europe have led to an unexpected slowdown in orders and that "economic conditions do not appear to be improving in the first quarter of 2001."
More than half of the savings will come through the elimination of 700 to 800 jobs, including a 25 percent reduction in Solutia's senior management, spokeswoman Liesl Livingston said. Solutia has about 10,600 employees in facilities and offices around the world. Livingston said the company expects it will take most of 2001 to complete the work force reduction, which she described as "pretty much across the board."