WDET News
- Dow Announces Thousands of Job Cuts
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Dec 8, 2008Automotive & Business
Citing the current downturn in the world economy, Dow Chemical is announcing thousands of job cuts and double-digit plant closures.
CEO Andrew Liveris says starting in January the Michigan-based company will cut 5,000 full-time jobs, close 20 plants and sell some operations. The job cuts represent 11% of the company's workforce. In addition, Dow says it will temporarily idle 180 plants and cut about 6,000 contractors, or about 30% of its global contract workforce.
Liveris says Dow officials are in weekly meetings… eyeing which market segments are selling and which ones are not.
“And have picked the facilities that have the least impact on the businesses that are doing well… and we do have some of those.”
Dow Chemical officials say the moves could save the company about $1.5 billion.