Ciba Composites to Trim 10-15% of Worldwide Staff
Ciba Composites said Tuesday that it is undergoing a reorganization that will include a worldwide staff reduction of 10% to 15%.
The unit, a division of Swiss pharmaceuticals conglomerate Ciba-Geigy International AG, has already laid off 10 employees in Orange County, spokeswoman Donna Moos said. That leaves 257 employees at the unit’s international headquarters in Anaheim and a total of about 2,700 elsewhere in the United States and in England, France and Italy. Moos said the company has not determined how many more cutbacks will take place locally.
Ciba Composites makes strong, lightweight products used in aerospace and other industries. Its products include aircraft interiors such as floor panels and overhead bins, as well as railway parts and race-car bodies.
“As we all know, there is a slowdown in the aerospace industry right now,” Moos said. “We’re doing the layoffs in steps rather than all at once, hoping that the industry will improve and we won’t have to lay off as many employees.”
The trims are necessary despite positive cash flow, the company said. In 1992, Ciba Composites had $360 million in revenue, up from $350 million for the previous year.
David Talbot, an analyst with the brokerage Arnhold & S. Bleichroeder in New York, said aerospace is a sideline for Ciba-Geigy. The parent company, based in Basel, Switzerland, specializes in making drugs and agricultural chemicals.
“More than 65% of its earnings come from pharmaceutical and health care products,” Talbot said.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
