Dow Chemical to cut 2,400 jobs, shutter 20 plants
WASHINGTON (AFP) - Dow Chemical said on Tuesday it planned to cut five per cent of its global workforce, or 2,400 people, and shut 20 plants in an effort to slash costs as the global economy slows.
Dow said it aimed to generate US$500 million (S$611 million) in savings on annual operating costs from the cuts by the end of 2014.
The company will also cut capital investment on programs it no longer sees as priorities, for another US$50 million in savings, it said.
The shuttered facilities will include plants in Tessenderlo, Belgium; Delfzijl, the Netherlands; Ribaforada, Spain; Birch Vale, United Kingdom; Kina Ura, Japan; and in the United States, in Midland, Michigan, and Solon, Ohio.