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inanna Donating Member (672 posts) Send PM | Profile | Ignore Mon Dec-08-08 01:08 PM
Original message
Dow Chemical to cut 5,000 full-time jobs
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/idUSTRE4B73DE200...
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OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:36 PM
Response to Original message
1. Ouch. n/t
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:39 PM
Response to Original message
2. where is it all gonna stop? nt
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OhioChick Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:41 PM
Response to Reply #2
3. There doesn't seem to be an end in sight, does there?
Rather frightening.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:45 PM
Response to Reply #3
5. it really is horrifying. -- i feel so bad for people. nt
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margotb822 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 01:44 PM
Response to Original message
4. They should fire their ad agency
Have you seen their commercials? I think someone there is huffing the product before making the ads...
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knitter4democracy Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Dec-08-08 08:46 PM
Response to Original message
6. How many of those jobs are in Michigan?
Dow's headquartered here in Midland, MI. This is bad.
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