PHILADELPHIA (AP) — Chemicals and specialty materials maker Rohm and Haas Co. reported a restructuring plan Tuesday that includes the sale or downsizing of ''nonstrategic'' businesses to save $15 million each year after taxes.
The initiatives will affect third-quarter earnings by 7 cents per share and be completed in the middle of next year.
Analysts surveyed by Thomson Financial forecast, on average, third-quarter earnings per share of 85 cents.
Rohm and Haas will sell its digital imaging business in Bristol, Pa., move research and development operations outside North America and downsize manufacturing, administrative and business service operations.
The company did not release information on how many jobs would be affected by the changes, where the research and development operations would be relocated or what other specific facilities would be affected.