Belgium's Syensqo plans job cuts, narrows profit outlook
Recasts paragraph 1 with job cuts, adds details in paragraphs 2 and 3
Nov 5 (Reuters) -Belgian chemicals maker Syensqo SYENS.BR unveiled plans on Tuesday to cut around 2% of its global workforce to support long-term growth, and tightened its annual underlying profit forecast range for the second time since August.
The 300 to 350 job cuts will be primarily in France, the United States, Belgium and Italy, the speciality chemicals firm said in a statement.
Spun off from Belgian chemicals group Solvay SOLB.BR last year, Syensqo undertook a comprehensive review of its structure and projects to focus on growth opportunities and improve returns profile, consistent with its mid-term financial targets.
Separately, Syensqo said it now expects underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) between 1.4 billion euros and 1.44 billion euros ($1.52 billion-$1.57 billion) for 2024, compared with the 1.4 billion euros to 1.475 billion euros previously expected.
"Our outlook reflects fourth-quarter seasonality as well as the expected EBITDA and cash flow impacts from the strike at Boeing and its related supply chain disruption," the company said.
Syensqo reported third-quarter EBITDA of 374 million euros, above analysts' forecast of 360 million euros in a consensus compiled by the company.
($1 = 0.9194 euros)
Reporting by Dimitri Rhodes; Editing by Subhranshu Sahu
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