US chemical producer Ashland, under pressure from activist investor Jana Partners to boost shareholder value, has announced a restructuring plan that calls for job cuts totalling 1,000, with a further 1,000 jobs to be moved to existing lower-cost centers.

The restructuring is scheme is likely to save $150-200 million annually, the company said, adding that it expects the majority of the savings to start during the first half of its fiscal 2015.

Ashland said its business in future will consist of three units - specialty ingredients, performance materials and Valvoline. In July 2013 the chemical producer said it planned to sell its water technologies unit, and Reuters reported in November that it was in talks with at least seven potential buyers. No names have been mentioned thus far.

Jana Partners held 8.58% of Ashland as of November, according to data published by Thomson Reuters.