German chemical company Wacker-Chemie is in talks over temporary pay reductions of up to 10% with around 13,500 employees, 77% of its workforce, because of falling profit margins in the silicon wafer …
German chemical company Wacker-Chemie is in talks over temporary pay reductions of up to 10% with around 13,500 employees, 77% of its workforce, because of falling profit margins in the silicon wafer business. Wacker is looking at various other ways of cutting costs until the market improves. The company intends saving over DM 10 million as a result of the salary reductions. The company says its 2001 results would be lower than had been expected. Net profits more than quadrupled in 2000 to EUR 257 million on sales up 23% to EUR 3.1 billion.