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.
