Chemicals company DSM will close several factories on a temporary basis and take other action to cut costs as demand slows for some of its products, reports the Financieele Dagblad on Monday.

The company has lowered its full-year forecast for operating profit to ‘around €1bn’ because of the credit crisis. In an earlier statement DSM said full-year operating profit would be between €1.025bn and €1.075bn.
‘It is apparent that the crisis in the financial markets has started to impact on the real economy, leading to significantly lower customer demand in some areas,’ CEO Feike Sijbesma said in a statement.
In particular, divisions which supply products to the car manufacturing sector are under pressure, he said.
The company booked net profit of €182m in the third quarter of 2008, a rise of 28% on the same period last year. Sales were up 9% at €2.4bn.