People & Business :: People/Executives
Dow to Cut 11% of Workforce, Shut or Idle 200 Plants
9:42 AM MST | December 15, 2008 | Robert Westervelt
Dow Chemical says it will eliminate 5,000 full-time jobs, 11% of its global workforce, close 20 facilities in high-cost locations, and divest several businesses. The program targets annual cost savings of $700 million by 2010, which is in addition to Dow’s previously announced cost savings of $800 million for the anticipated Rohm and Haas (R&H) acquisition. Dow says it expects to complete several divestitures within the next two years, which will account for roughly 2,000 of the 5,000 total job cuts. Liveris: Adjusting to a severe downturn. Permanent...
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