One of Lehigh County's largest employers has announced an increase in net income, even as it paid out severances for 450 laid off workers.
Back in September, Air Products announced a major restructuring plan, but at the time didn't announce any job cuts.
Now, the Trexlertown-based gas company says that reorganization includes the elimination of about 450 positions.
That number is for the entire global corporation.
The news comes as Air Products released strong first quarter results Thursday.
Air Products announced expenses for severance and other charges relating to the elimination of approximately 450 positions that occurred during the company's first fiscal quarter of 2015. Fifty additional jobs were eliminated in the fourth quarter of 2014.
The company reported net income of $335 million, up 17 percent from the previous year.
According to company officials, the restructuring is ongoing and there's no time table on when it will be complete.
No word yet on how many jobs were cut locally.
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