Sector News

Dow Chemical to cut up to 1,750 jobs as part of cost-cutting move

May 4, 2015
Chemical Value Chain
(MarketWatch) – Dow Chemical Co. said Monday it would cut between 1,500 and 1,750 jobs, or about 3% of the global workforce, as part of a restructuring aimed at cutting costs by $300 million a year. 
 
The chemical giant said it would take charges of $330 million to $380 million in the second quarter as a result of the restructuring. “Our productivity efforts continue to center on cost-out actions and doing more with the resources we have in place, all to enable higher earnings,” said Chief Financial Officer Howard Ungerleider. The stock, which gained 0.6% in light premarket trade, has run up 13% year to date, while the S&P 500 has advanced 2.4%.
 
By Tomi Kilgore
 

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