Dow Chemical Cutting 5000 Jobs and 6000 Contractors
Monday December 8, 2008
Dow Chemical announced today that it will be cutting 5000 jobs (11% of its workforce) and 6000 contractors, closing 20 facilities, and idling 180 others. The cuts are expected to take effect in January of 2009. Dow is restructuring. The cuts will save an estimated $700 million in annual costs by 2010, in addition to $800 million from their anticipated acquisition of Rohm and Haas.
Dow is not the only chemical company that has been making cutbacks. Last month BASF announced its intentions to shut down 80 plants and cut back production at 100 more. Chemical companies make enormous investments in equipment and machinery, plus face rising costs dealing with waste and environmental concerns. BASF cited a sharp decline in demand as the main reason it is scaling back production.
Dow is not the only chemical company that has been making cutbacks. Last month BASF announced its intentions to shut down 80 plants and cut back production at 100 more. Chemical companies make enormous investments in equipment and machinery, plus face rising costs dealing with waste and environmental concerns. BASF cited a sharp decline in demand as the main reason it is scaling back production.
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