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Dow Chemical to cut 5 percent of workforce

  • Dow Chemical announced on Tuesday it planned to cut 5 percent of its global workforce and shutdown 20 of its plants.

    The move comes as part of a restructuring program intended to help the firm save $500 million a year.

    The company said the cuts would result in a loss of around global 2,400 positions.

    It also plans to cut down on capital spending and investment in programs that are no longer a priority. These cuts are expected to save an additional $500 million.