Solvay to cut 500 jobs despite Q4 sales rise

Solvay to cut 500 jobs despite Q4 sales rise

THE WHAT? Solvay has reported its results for the final quarter and full year 2020. For the full year, sales were down 10 percent organically, despite signs of recovery in Q4, with net sales up 5 percent sequentially versus Q3 (-4.1 percent yoy).

THE DETAILS The Belgian firm also announced a new, higher cost savings targets, which will result in the loss of some 500 roles by the end of 2022.

THE WHY? Solvay said that the impact from COVID-19 on civil aero and oil & gas volumes hit FY20 sales. Ilham Kadri, Solvay CEO, explained, “I’m proud of the significant progress we made in 2020… As the crisis unfolded, we quickly adapted priorities to accelerate our cost and cash delivery, demonstrated the resilience of our business, while supporting our people through the launch of a Solidarity fund. I want to thank our employees for their perseverance, our customers for their valued partnerships, and our investors for their continued support.  Building on the Q4 momentum and the strategic foundation now in place, we will emerge leaner and stronger, with innovation fueling our return to top-line growth.”