Belgium's Syensqo to cut 200 jobs due to uncertain demand, after Q1 profit beat
May 15 (Reuters) - Belgian chemicals group Syensqo (SYENS.BR), opens new tab beat first-quarter earnings expectations on Thursday, aided by a strong performance of its technology solutions business, but said it would need to cut around 200 jobs amid macroeconomic concerns.
"The start of the year has also seen increased uncertainty from ongoing tariff and global trade tensions ... the broader consequences on end demand and the global economy remain unknown," CEO Ilham Kadri said in a statement.
Due to uncertain demand, Syensqo is speeding up its restructuring and cost cutting measures, aimed at saving more than 200 million euros ($224 million) by the end of 2026.
Half of the planned job cuts will come through retirements, while the other half is to be mitigated by creation of 25 new jobs resulting from the separation with Solvay (SOLB.BR), opens new tab, Kadri told journalists.
"Our company, post demerger with Solvay, is becoming a purer player, with simpler reporting, higher margins and a more focused speciality company," she said on a wire call.
The company's shares fell 1.2% by 0721 GMT.
Syensqo, which said in February it was exploring a possible U.S. listing, is analysing this option and expects to make a decision by the end of 2025 or early next year, Kadri said.
Its underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 15.1% organically to 311 million euros in the first quarter, but beat analysts' average forecast of 301 million provided by the company.
European peers like Solvay and Covestro (1COVG.DE), opens new tab have recently lowered their full-year forecasts due to declining demand, although many have said they can mitigate direct tariff effects through local production.
Syensqo has also said it can manage tariff effects by redirecting volumes to unaffected customers and regions. It confirmed 2025 guidance, which excludes the direct impact of tariffs and foreign currency exchange movements.
In a separate statement, Syensqo said it had signed multi-year battery materials contracts worth more than 150 million euros with unnamed automotive and battery making clients.
($1 = 0.8932 euros)
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