Sensient Technologies, a leading company in the industry, has revealed its intention to cut up to 130 jobs as part of a comprehensive portfolio optimization plan. The plan aims to streamline operations and improve efficiency within the organization.
Restructuring in Flavors & Extracts Segment
In a recent regulatory filing, Sensient Technologies announced that it is considering the closure of a manufacturing facility in Wales and the sales office in Granada, Spain, both of which fall under its Flavors & Extracts segment. The company is also evaluating options to centralize operations and eliminate specific selling and administrative positions.
Changes in Color Segment
Alongside the actions planned for the Flavors & Extracts segment, Sensient Technologies is also contemplating the closure of a manufacturing facility and sales office within its Color segment. These adjustments are expected to further enhance the company’s operational efficiency and financial sustainability.
Impact and Costs
If these measures are implemented, Sensient Technologies estimates that the overall cost will amount to approximately $40 million. Furthermore, these changes are projected to result in a reduction of approximately 130 jobs within the company. However, it is important to note that these actions are still under consideration and have not been finalized.
Timeline and Leadership Transition
The portfolio optimization plan is expected to be completed by the end of 2025, allowing Sensient Technologies to move forward confidently towards its future goals. Additionally, Chief Financial Officer Stephen Rolfs has announced his retirement, effective June 30. Tobin Tornehl, currently serving as the controller and chief accounting officer, will step in as his successor.
