Wacker Chemie to draw up cost cutting plans: CFO

FRANKFURT (Reuters) – Wacker Chemie is drawing up cost cutting plans in response to falling prices of polysilicon, a step which will include job cuts, chief financial officer Tobias Ohler told Germany’s Boersen-Zeitung.

The company-wide review will look at cost optimization potential and at the areas of administration, research and development and procurement, and will seek to cut jobs by attrition, Ohler told the newspaper.

In December, Wacker said it would take an impairment on fixed assets of around 750 million euros in response to the fall in the price of polisilicon.

(Reporting by Edward Taylor; Editing by Alexander Smith)