2025 Year in Review: 44 Global Chemical Giants ‘Slim Down’ — Plant Closures, Asset Sales, Layoffs...

In January, DuPont announced an acceleration of the spin-off and independent listing of its electronics business, while canceling its plan—announced in May of last year—to separately list its water treatment business. In May, the electronics materials company was named Qnity. Photo: DuPont’s Nevada plant, shuttered and up for sale. In July, according to related reports, DuPont listed for sale its iconic high-performance brands—Nomex and Kevlar aramid fibers—for heat resistance. Private equity firms Advent International and Platinum Equity are preparing bids, with an estimated value of approximately $2 billion. In September, DuPont acquired Sinochem (Ningbo) RO Memtech Co., Ltd.—a subsidiary of Sinochem International—expanding its reverse osmosis (RO) manufacturing operations in China and the Asia-Pacific region. 6. Huntsman In February, Huntsman stated that, given ongoing market pressures, it plans to implement layoffs and is evaluating strategic options for its European maleic anhydride business—including shutting down downstream polyurethane plants—and subsequently closing its facilities in Deggendorf, Germany, and Kings Lynn, UK. In May, Huntsman decided to shut down its maleic anhydride plant in Moers, Germany. In July, Huntsman reiterated that it will further expand its restructuring program in 2025, ultimately reducing its global workforce by nearly 10%, with the largest cuts concentrated in Europe. With approximately 6,300 employees worldwide, this round of layoffs may affect around 600 people. 7. Covestro In March, LyondellBasell and Covestro jointly announced the permanent shutdown of the propylene oxide/styrene monomer (PO/SM) production unit at their Maasvlakte plant in the Netherlands. 8. Abu Dhabi National Oil Company (ADNOC) In March, ADNOC and OMV reached a binding framework agreement regarding the proposed equity merger of Borouge and Borealis. The two companies are expected to merge into Borouge Group International in Q1 2026, concurrently acquiring Nova Chemicals to form a new global polyolefins leader—valued at over $60 billion and ranked fourth worldwide. In December, XRG (formerly ADNOC International Limited and its subsidiaries) completed the acquisition of Covestro and successfully closed the transaction. 9. Austrian OMV In September, according to related reports, Austrian oil, gas, and chemicals group OMV plans to cut 2,000 positions from its global workforce of 23,000. Its Romanian subsidiary Petrom is expected to be hit especially hard; layoffs are also planned at refineries in southern Germany and Slovakia; and among the 5,400 positions in Austria, approximately 400 will be eliminated. 10. LyondellBasell In June, LyondellBasell announced the sale of certain European olefins and polyolefins assets and related businesses—located in Bayonne (France), Mönchengladbach (Germany), Carrington (UK), and Tarragona (Spain)—and has entered into exclusive negotiations with AEQUITA, targeting completion in the first half of 2026.

What impacts does a company’s replacement of its Chief Financial Officer have on its financial management and operations?

1. Disruption in handover of unfinished projects The predecessor retains extensive knowledge of historical accounting issues, pending negotiations, and informal communications with banks, tax authorities, auditors, and investors—much of which exists only verbally, not in writing. The successor requires substantial time to get up to speed, and transitions often suffer from information gaps or discontinuities. 2. Shift in financial control and risk management style Financial management involves numerous professional judgments, and each CFO applies distinct standards and risk preferences. For instance, if the predecessor adopted a relaxed approach, the successor may tighten controls; conversely, if the predecessor was aggressive, the successor may adopt a more conservative stance. Such shifts can challenge business units’ ability to adapt quickly, potentially triggering conflicts between finance and operations. 3. Instability within the finance team Finance teams are highly sensitive to leadership style. A change in CFO frequently triggers turnover among key finance personnel; staff may adopt a wait-and-see attitude, significantly disrupting routine accounting and financial management activities. II. Medium- to Long-Term Changes in Financial Management Models 1. Shift in treasury management style Credit policies for accounts receivable, payment terms, and financing strategies may all shift under the new CFO’s influence—fundamentally reshaping the company’s treasury management approach;

Borouge Group International appoints new CFO

Apr 15, 2026

Borouge Group International appointed Patrick Jany as CFO effective May 1, 2026, leveraging his experience from Clariant and Maersk. The move supports the newly merged petrochemical entity formed by OMV, Adnoc, and Nova Chemicals.

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