Dow Chemical to cut 5 percent of workforce
October 24 , 2012
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.