Rohm & Haas will cut 900 jobs, take $90M in charges

Rohm & Haas roh will cut about 900 jobs, idle or close plants and record $90 million in pretax charges for the fourth quarter, the specialty chemicals maker said Tuesday.

The company also said it would freeze employee salaries and discretionary spending this year.

The company, based in Philadelphia, cited the slowing economy and widespread market weakness.

Rohm & Haas did say it expects to beat Wall Street estimates for the quarter, excluding one-time charges.

Analysts polled by Thomson Reuters expect profits of 62 cents per share.

Rohm & Haas was supposed to be bought by Dow Chemical, but that deal has been on hold since a Kuwaiti company backed out of a joint venture that would have helped Dow fund the acquisition.

Rohm & Haas said it plans to complete its restructuring this year, leading to pretax savings of about $90 million.