Danish catalysis and process technology company, Haldor Topsoe will be cutting around 200 jobs following Washington’s economic sanctions on Tehran which took effect 7 Aug.
The Kongens Lyngby, Denmark-based company said in an 8 Aug financial statement that it had been impacted as a result of the sanctions on Iran, which followed President Donald Trumps unilateral withdrawal from a nuclear agreement reached in 2015.
“The reinstatement of US sanctions on Iran has made it extremely difficult for Topsoe’s customers in Iran to finance new projects. This has resulted in slower progress of Iranian projects than anticipated at the beginning of the year. As a consequence thereof, Topsoe has decided to cease activities in Iran by November 2018,” the company noted.
In addition to the slow business in Iran, the job cuts will also aim to secure efficiency gains related to the divestment of Topsoe's automotive and stationary DeNOx business areas last year.
“We want to ensure that Topsoe remains a competitive business with significant potential for growth. Therefore, due to the current situation, we must unfortunately say goodbye to a number of good colleagues,” said Bjerne Clausen, CEO, Haldor Topsoe.
Negotiations with employee representatives will determine terms and the specific number of layoffs.