Rohm And Haas Earnings Down 82% In Q4
Philadelphia-based Rohm and Haas Co., which employs about 600 people in Marlborough, said its fourth quarter profit plunged by 82 percent along with demand for its products.
The company reported fourth quarter earnings from operations of $32 million compared to $180 million for the same period the prior year. The company's sales were down 13 percent, to $2 billion, over the same period.
For the full year, the chemical and specialty materials company reported sales of $9.6 billion, an 8 percent increase over the $8.9 billion it reported for 2007. Earnings for the year were $480 million, down 27 percent compared to the prior year.
Rohm and Haas runs an electronics materials facility in Marlborough that employs about 600 people. The company said in January that it plans to lay off about 900 employees and idle or close underutilized plants in the face of "widespread market weakness."
The job cuts, which account for nearly 6 percent of its workforce, and a freeze on wages and discretionary spending for 2009 are expected to save the company about $90 million. The company laid off about 925 employees last summer.
Meanwhile, the company's planned $15 billion acquisition by Dow Chemical has stalled. Rohm and Haas is suing Dow to complete the merger.
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