Sabic to Cut About 1,050 Jobs, Close Some Assets in Europe
This article is for subscribers only.
Saudi Basic Industries Corp., the world’s biggest petrochemicals maker, plans to cut about 1,050 positions and close some assets in Europe as the company responds to diminished demand.
Saudi Basic Industries, also known as Sabic, has started talks with works councils and trade unions on the plan, it said in a statement today. The job cuts will take place across Europe, a third of which will be contracting staff and two-thirds Sabic employees, it said.