DOW CHEMICAL TO AXE 5,000 JOBS9 December 2008
Dow Chemical, one of America's biggest chemicals companies, have also been hit by rising costs in the past year. They are to axe 5,000 jobs and shut plants in an effort to cut costs.
Dow said it would leave the automotive sealers business in North America, Asia and Latin America and ‘explore strategic options' in Europe. By cutting their workforce by 11% and closing twenty plants in the US and Europe, and leaving a further 180 idle, they hope to preserve cash and withstand the global economic downturn. The measures will cost Dow $700 million this year (2008) and are intended to yield a similar level of savings by 2010.