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Functional Chemicals

General market conditions remained difficult, with volumes under pressure in construction related products (performance additives, polysulfides) and polymer initiators. Ethylene Amines margins remained under pressure due to the continued imbalance in supply/demand. The first phase of a large and comprehensive performance improvement program has been initiated, aimed at structurally improving competitiveness by implementing operational and functional excellence throughout all areas and functions. The program will include an estimated FTE reduction of more than 350 (8 percent of the business’ total workforce). Implementation will start as of Q3, when one-time restructuring costs will be recorded as part of the performance improvement plan.

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