Hexion Specialty Chemicals says it expects to cut about 15% of its work force this year in an effort to save about $100 million amid the recession. Plant closures and other measures are expected to save an additional $50 million. The announcement comes after the company reported a $921 million fourth-quarter net loss, which it blamed mostly on the cost of canceling its merger with Huntsman.

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ICIS News (U.K.)

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