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Syensqo accelerates efficiency measures to support long-term growth
The company aims to accelerate time to market and adapt to the economic environment
Brussels, November 5, 2024 - 7:05 CET
Syensqo is today announcing plans to adapt its organization to better meet the evolving needs of its customers and focus on projects that will accelerate growth.
Following its split from Solvay at the end of 2023, the company has undertaken a comprehensive review of its structure and projects, to focus on growth opportunities and improve returns profile, consistent with its mid-term financial targets.
As a result, Syensqo is opening consultation processes, which include a proposed reduction of approximately 300 to 350 positions, primarily in France, the United States, Belgium and Italy.
“Since the start of the year, we have operated with more focus and have gained more clarity around our customers’ needs. In the context of ongoing macroeconomic and demand uncertainty, we now need to take the necessary actions to adapt and refine our organization to support our long-term growth,” said Dr Ilham Kadri, CEO of Syensqo. “Our primary objective is to position Syensqo for success. Any decision that may affect our people is never taken lightly and we intend to act with the utmost respect for the employees who may be impacted by this announcement, guided by the principles of dignity and empathy”.
In parallel, Syensqo is advancing other initiatives to support its growth strategy. This includes the development of a world-class digital infrastructure to bring new levels of efficiency and agility across its operations, as Syensqo prepares to fully separate its business support systems from Solvay, as planned, by the end of 2025. These efforts will result in the creation of hundreds of new jobs in information technology, system infrastructure and business intelligence.
Safe harbor
This press release may contain forward-looking information. Forward-looking statements describe expectations, plans, strategies, goals, future events or intentions. The achievement of forward-looking statements contained in this press release is subject to risks and uncertainties relating to a number of factors, including general economic factors, interest rate and foreign currency exchange rate fluctuations, changing market conditions, product competition, the nature of product development, impact of acquisitions and divestitures, restructurings, products withdrawals, regulatory approval processes, all-in scenario of R&I projects and other unusual items. Consequently, actual results or future events may differ materially from those expressed or implied by such forward-looking statements. Should known or unknown risks or uncertainties materialize, or should our assumptions prove inaccurate, actual results could vary materially from those anticipated. The Company undertakes no obligation to publicly update or revise any forward-looking statements.