Specialty chemicals company Rohm and Haas Company has announced restructuring initiatives to improve the efficiency of its manufacturing network in Europe across several chemical businesses. The initiatives involve the closing or partial shutdown of manufacturing facilities in the United Kingdom and Germany, and the elimination of approximately 400 positions from the company's global workforce.

As a result of the restructurings, which will be completed within 12 to 18 months, the company expects total pre-tax charges for the fourth quarter 2005 to be approximately $65 million. The cost savings initiatives are expected to yield pre-tax savings of approximately $35 million annually.

The company also updated its fourth quarter 2005 guidance, noting that stronger demand in higher margin businesses is contributing improved earnings over the previous year.