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Dow Chemical (NYSE: DOW) Job Cuts Add to Frightening Trend
The snail's pace recovery from the Great Recession just claimed thousands more victims, with more to come.
On Wednesday, The Dow Chemical Co. (NYSE: DOW), the largest chemical maker in the U.S. by sales, announced 2,400 job cuts. It will also shutter 20 plants in attempts to reduce costs by $500 million as it deals with the gnawing global slowdown.
Facilities to be closed are dotted around the world and include locations in the United States, Belgium, the Netherlands, Spain, the United Kingdom and Japan, according to a press release from the Midland, MI-based company.
The Dow job cuts amount to 5% of the company's global workforce.
Dow CEO Andrew Liveris noted back in July the company is operating in the worst conditions since 2009.
Liveris said in a statement, "The reality is we are operating in a slow-growth environment in the near-term. While these actions are difficult, they demonstrate our resolve to tightly manage operations-particularly in Europe-and mitigate the impact of current market dynamics."
And Dow isn't alone.