Woodland Park-based Cytec Industries Inc. reduced its 2008 earnings forecast Thursday and said it expects to cut its workforce by 10 percent -- mostly in Europe -- because of the global economic downturn.

The specialty chemicals and materials company, which expects to cut 600 jobs, also reduced its full-year 2008 earnings forecast from $3.75 to $3.85 per share to $3.45 to $3.50.

"The unprecedented downturn in the global economy for our products" has reduced demand and earnings, said Shane Fleming, the company's CEO.

The full year 2008 forecast will be released on Jan. 29.

The company said it also is evaluating the effect of the downturn on its surface specialties segment, and whether the economic turbulence has "impaired" goodwill. The company also expects the evaluation to lead to a $500 million charge to reduce the goodwill.

The job cuts are expected to be in the company's specialty chemicals segment and will likely trigger a $140 million charge over several quarters, the company said.

The company expects to close facilities in Llagosta, Spain; Drogenbos, Belgium; and Hamburg, Germany. It has about 150 employees at its corporate headquarters.

"It is our view that the current economic environment will extend at least throughout 2009," Fleming said.

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