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Air Products announced Thursday it has slashed another 500 jobs worldwide — the fourth consecutive quarter the Trexlertown company has eliminated hundreds of positions as it reorganizes itself into a leaner operation focusing on its industrial gases business. "In summary, we have done what we have said we would do," CEO Seifi Ghasemi said Thursday during a conference call on its fiscal fourth quarter earnings. The latest job cuts cover the fourth quarter and bring the total number of employee cuts worldwide to 2,000 in the last year, or approximately 10 percent of its worldwide workforce of 20,000. The company has announced cuts in each of its previous three quarters. Air Products employed about 3,400 people in the Lehigh Valley as of a year ago, but the company has not specified how many local jobs have been cut since then. "Our number fluctuates," Spokesman Art George said, referring to the job cuts. "At this point, it's worldwide action." The cuts are not unexpected, as Ghasemi has made no secret of his plan to restructure the company, trim layers of management and reduce costs after he took over July 1, 2014 as chairman, president and CEO. He said the company so far has reduced its organizational costs by $300 million, and it is seeking to lop off an additional $300 million over the next four years. Ghasemi did not indicate whether the company will seek additional job cuts. Click here to read the article.
Air Products announced Thursday it has slashed another 500 jobs worldwide — the fourth consecutive quarter the Trexlertown company has eliminated hundreds of positions as it reorganizes itself into a leaner operation focusing on its industrial gases business.
"In summary, we have done what we have said we would do," CEO Seifi Ghasemi said Thursday during a conference call on its fiscal fourth quarter earnings.
The latest job cuts cover the fourth quarter and bring the total number of employee cuts worldwide to 2,000 in the last year, or approximately 10 percent of its worldwide workforce of 20,000. The company has announced cuts in each of its previous three quarters.
Air Products employed about 3,400 people in the Lehigh Valley as of a year ago, but the company has not specified how many local jobs have been cut since then.
"Our number fluctuates," Spokesman Art George said, referring to the job cuts. "At this point, it's worldwide action."
The cuts are not unexpected, as Ghasemi has made no secret of his plan to restructure the company, trim layers of management and reduce costs after he took over July 1, 2014 as chairman, president and CEO. He said the company so far has reduced its organizational costs by $300 million, and it is seeking to lop off an additional $300 million over the next four years.
Ghasemi did not indicate whether the company will seek additional job cuts. Click here to read the article.