Conshohocken-based Quaker Chemical Corp. said yesterday that it cut 80 jobs, or 10 percent, of its work force, in an effort to cut costs as demand falls with a weakening economy.
The cuts will primarily affect employees in Europe and North America, the company said. It expects a $3 million restructuring charge during the fourth quarter.
"The dramatic demand falloff will have a significant negative effect on our fourth-quarter operating results, and we have implemented a series of cost reductions to better align our cost structure with these market realities," Michael F. Barry, who became president and chief executive Oct. 4, said in a statement.
The company's board of directors also declared a quarterly dividend of 23 cents per share, the fourth quarter that it has been at that level.
Shares closed the shortened trading day at $14.02, down 64 cents (4.37 percent).