Titan Chemicals Corp Bhd will be cutting off some 20% of its workforce in Malaysia by offering Voluntary Separation Scheme (VSS) to its employees.
Similar to other companies in the same field, Titan is also taking the indirect heat from the turbulence economic situation and is now looking at ways to reduce its operating cost and shrink the workforce size.
Recently, another major petrochemical producer, BASF Chemicals decided to shut down 80 of its worldwide plants temporarily, including a number in Malaysia.
Titan Chemicals is one of the key suppliers of raw materials for the global automotive industry. With almost all major automakers around the world suffered from plunging vehicle sales, the demand for automotive products has been plummeting to a new low.
The company is one of the biggest integrated producers of petrochemical products, particularly olefins and polyolefins. The materials are used in the consumer and industrial applications such as packaging films, automotive parts, trash bags, cable insulation, wire compound and are also made as alternative to metals, glass and paper as raw materials.
The company started its Malaysia operation back in 1989 and to date has grown into operating 8 facilities in Pasir Gudang and Tanjung Langsat, both in Johor. Titan also has offices in Kuala Lumpur and Penang which operate as corporate and sales offices.