Cabot to lay off 300 jobs globally and close CB plant in Indonesia

Cabot Corporation with headquarters in Boston, MA, USA, announced that it will restructure its operations for an anticipated cost savings of USD 50 million in fiscal 2016.

The company plans to cut about 300 positions globally, approximately 6.5 % of its employees worldwide. The company named challenging macroeconomic conditions – including lower oil prices, slowing demand in Asia and South America, and less favourable foreign currency exchange rates – as reasons for the restructuring. In addition, Cabot announced that its carbon black manufacturing facility in Merak, Indonesia, will close. Manufacturing operations will cease by the end of January 2016. The company expects annual savings related to the closure of approximately USD 8 million.