Dow Chemical to cut 5,000 full-time jobs

[inanna]

Source: Reuters

NEW YORK (Reuters) - Dow Chemical Co said on Monday it would close 20 facilities, divest several businesses and cut 5,000 jobs, or 11 percent of its global workforce, in response to the global economic slump.

Dow said the action, which comes less than a week after its U.S. rival DuPont announced cutbacks, is an acceleration of its "transformational strategy" and will lead to annual cost savings of $700 million by 2010.

"We are accelerating the implementation of these measures as the current world economy has deteriorated sharply, and we must adjust ourselves to the severity of this downturn," Chairman and Chief Executive Officer Andrew Liveris said in a statement.

<snip>

Dow will cut 5,000 full-time jobs, close 20 facilities in high-cost locations and sell non-strategic businesses. The company will also temporarily idle 180 plants and reduce its contractor workforce by 6,000.




Read more: http://www.reuters.com/article/topNews/idUSTRE4B73DE20081208?feedType=RSS&feedName=topNews

[OhioChick]

1. Ouch. n/t

[xchrom]

2. where is it all gonna stop? nt

[OhioChick]

3. There doesn't seem to be an end in sight, does there?

Rather frightening.

[xchrom]

5. it really is horrifying. -- i feel so bad for people. nt

[margotb822]

4. They should fire their ad agency

Have you seen their commercials? I think someone there is huffing the product before making the ads...

[knitter4democracy]

6. How many of those jobs are in Michigan?

Dow's headquartered here in Midland, MI. This is bad.