Lenzing confirms job cuts amid sales gloom

Lenzing ? Austrian cellulosic fibre producer Lenzing has identified ?60 million worth of cost savings in 2014, a significant proportion of which will be found in job cuts.
The decision to trim personnel numbers comes as Lenzing saw its consolidated sales drop by 8.7 per cent to ?2.09 billion in 2013, hurt by a significant decline in selling prices for fibres by up to 13 per cent compared to the pervious year.