COVINGTON, Ky. (AP) - Ashland Inc. has announced that it will cut 800 jobs by the end of the year.
According to a Cincinnati newspaper, the five percent workforce reduction will come through a voluntary severance program or layoffs.
The chemical company, which is based in Covington, Kentucky, has 15,000 employees at 29 facilities around the world.
The company didn't disclose where the cuts would be made.
According to the newspaper, Ashland Inc. reported a $44 million loss for the second quarter, a sharp drop from the $53 million profit it reported in the same quarter a year ago.
CEO James J. O'Brien said in a statement that the cuts are part of the company's global restructuring.