WASHINGTON (AFP) -– The Dow Chemical Company announced Monday it would cut about 5,000 full-time jobs, close 20 facilities and divest non-strategic businesses in an aggressive move to cope with dire economic times.
The diversified chemical giant also will suspend operations in 180 plants and significantly reduce its contractor workforce worldwide by 6,000 as it joins other American companies in axing staff amid a deepening recession. ""Today's restructuring is designed to support the Dow of tomorrow,"" said Dow chairman and chief executive Andrew Liveris. ""However, 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,"" he said in a statement. The full-time job cuts represent a reduction of about 11 percent of Dow's global workforce.
The diversified chemical giant also will suspend operations in 180 plants and significantly reduce its contractor workforce worldwide by 6,000 as it joins other American companies in axing staff amid a deepening recession. ""Today's restructuring is designed to support the Dow of tomorrow,"" said Dow chairman and chief executive Andrew Liveris. ""However, 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,"" he said in a statement. The full-time job cuts represent a reduction of about 11 percent of Dow's global workforce.
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