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E-M:/ Dow slashing 5000 jobs, shutting 20 plants



Dow Chemical to slash 5,000 jobs, close 20 plants

The Associated Press

NEW YORK December 8, 2008, 10:51 am ET · Dow Chemical Co. said Monday it will slash 5,000 full-time jobs — about 11 percent of its total work force — close 20 plants and sell several businesses to rein in costs amid the economic recession.

The company, one of the largest chemical makers in the world, expects the moves to save about $700 million per year by 2010. Dow also will temporarily idle 180 plants and prune 6,000 contractors from its payroll.

"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," Chief Executive and Chairman Andrew N. Liveris said in a statement.

Last month, Dow Chemical had said it would review all options to reduce costs and eliminate or defer capital spending. "We are going to take necessary, bold and proactive measures to manage our transformation through these extremely challenging times," Liveris said at the time.

 

See the rest at http://www.npr.org/templates/story/story.php?storyId=97936489

 

 

 

~Rita Jack

 

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Rita Jack

Clean Water Program Director

Water Sentinels Project

Sierra Club Michigan Chapter

109 E. Grand River Ave.

Lansing, Michigan  48906

tel:  517-484-2372 x12

www.michigan.sierraclub.org

www.sierraclub.org/watersentinels

 

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