Evonik aims to reduce administrative costs by 250 million euros pa (US$338 mln) from 2016, becoming the latest European chemicals maker to announce cutbacks. The German manufacturer of feed additives, acrylic glass and high performance polymers has planned a program which includes the reduction of the number of executive board members to four from six, completes the transition from an industry conglomerate to a specialty chemicals group. "In many parts of the company the current administrative functions still reflect the needs of the former diversified group," as per the company, adding that the overhaul would also allow it to react faster to changing market conditions.
24-Sep-13 
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