DSM to reduce 1,100 jobs amid slowdown

Royal DSM NV plans to cut as many as 1,100 jobs as a market slowdown prompts Chief Executive Officer Feike Sijbesma to cut costs at the Dutch maker of nutritional products, only months before he will update investors on his strategy for the nutrition division.

DSM, based in Heerlen, the Netherlands, said on Tuesday that it will eliminate 900 to 1,100 jobs by the end of 2017. The reduction, equal to about 5 percent of the workforce, will generate 125 million euros ($144 million) to 150 million euros in savings, while costing 150 million euros to 175 million euros.

Sijbesma is mid-way through putting together his next strategic plan for the company, to be announced on Nov 4. He announced his last strategic plan in 2010 and updated it in 2013.