The respective employee representatives will be involved in the process.
This more efficient organizational structure is designed to enhance LANXESS' market and customer focus and reduce costs.
LANXESS is also aiming for savings on all cost types.
It also said it would seek to cut its selling, general administrative and manufacturing expenses. Carp will head the consumer business group, and James Stoffel and Ted Lewis will head the commercial unit.
Analysts warned at the time, however, that the company may have to go further, especially as the slower U. Kodak’s shares closed up $1.56 to $39.06 on the New York Stock Exchange.
He said Kodak hoped to see financial results from the consolidation in 2001.
Last week, Kodak reported an 8% decline in its third-quarter profit and warned of a poor fourth quarter on slowing demand and the need to pare inventories.
The Group-wide restructuring program initiated by the Board of Management on July 24, 2014 will initially focus on the first area – the Business & Administration structure competitiveness.
Preparations for the following phases have already begun.With a singular vision, we are better-positioned to help our enterprise clients manage and leverage their knowledge and information assets." The change will affect the following companies, which will become LAC service lines: Chase Cost Management (CCM) → LAC Spend Management Services Founded in 1998 and acquired by LAC Group in 2011, CCM provides indirect spend management programs and services to control business operating expenses.CCM will become LAC Spend Management Services serving clients globally, from our office.Effective January 1, 2015, LANXESS will merge certain business units, reducing their number from 14 to 10.In addition, the company is streamlining its global administration by reducing the workforce on a cross-functional basis and consolidating specific areas of activity.Streamlining operations will lead to greater efficiencies, stronger financial positioning, a cohesive voice in the market and new opportunities for employee teamwork and collaboration.