Dow Cuts 1,000 Jobs to Lower Costs and Boost Efficiency

Dow Chemical will cut 1,000 jobs, about 2% of its workforce, in an effort to reduce costs and improve efficiency. The job cuts, due to take place over the next two years, will result from plant closures and organizational changes across several business units and regions, Dow says. The move will result in an exceptional charge in Dow’s fourth-quarter accounts of $500 million-$600 million (about 40 cts/share), including severance costs and asset writedowns, Dow says. The company expects to realize annualized savings of about $180 million beginning in 2010...

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