Sector News

Dow and 3M cut thousands of jobs

January 29, 2023
Chemical Value Chain

3M and Dow have announced they are cutting thousands of roles from their global workforces in response to economic pressures.

Dow has said it will cut 2,000 jobs across its global workforce (around 5%) in a bid to save US$1bn in 2023. The company says it will also cut costs by shutting down “select assets”, though it did not note where it would halt operations. It will also be further evaluating its global asset base – particularly in Europe – to ensure competitiveness and enhance cost efficiency.

Further cuts will be made by making process improvements to increase productivity; decreasing turnaround spending; and reducing spending on raw materials, logistics, and utilities.

Jim Fitterling, CEO of Dow, said: “We are taking these actions to further optimise our cost structure and prioritise business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe.”

Just two days prior to Dow’s announcement, 3M said it will cut 2,500 manufacturing jobs from its global workforce (about 2.6%), in part due to macroeconomic challenges but also because of a decline in consumer demand, continuing from last year.

“In a year impacted by inflation, global conflicts, and economic softening, our team took actions to position 3M for future success,” said Mike Roman, CEO of 3M. The company has already divested its food safety business and committed to exiting PFAS manufacturing by 2025.

by Amanda Jasi

Source: thechemicalengineer.com

comments closed

Related News

March 19, 2023

EU clears Agrofert’s acquisition of Borealis nitrogen business

Chemical Value Chain

The European Union said Monday that it has approved Agrofert Group’s acquisition of Borealis AG’s nitrogen business after concluding that the deal wouldn’t raise competition concerns. Agrofert is a Czech conglomerate, while Austrian chemical and fertilizer company Borealis is 75%-owned by OMV AG with the remaining 25% held by Abu Dhabi National Oil Co.

March 19, 2023

LyondellBasell acquires European plastics recycler Mepol

Chemical Value Chain

LyondellBasell Industries N.V. and Mepol Group announced they have entered into a definitive agreement for LyondellBasell to acquire Mepol Group, a manufacturer of recycled, high-performing technical compounds located in Italy and Poland.

March 19, 2023

Univar Solutions to be acquired by Apollo Funds for $8.1 Billion

Chemical Value Chain

Univar Solutions Inc and Apollo announced that funds managed by affiliates of Apollo have entered into a definitive merger agreement to acquire the Company in an all-cash transaction that values the Company at an enterprise value of approximately $8.1 billion.

How can we help you?

We're easy to reach