Dow Chemical Co. says it will save about US $700 milllion annually by 2010 by cutting 5,000 jobs, closing plants, and shedding assets — including an ag facility in France.
Responding to poor market conditions, Dow plans to eliminate about 11% of its global workforce, as well as close 20 facilities and jettison high-cost assets and several non-strategic businesses. The company will also scale down its headquarters and revamp its corporate structure.
While most cuts will be in the automotive polymers, polyethylene, and polypropylene sectors, Dow will also shut down its agricultural sciences manufacturing facility in Lauterbourg, France. Dow says it will exit the business due to overcapacity in the industry, a disadvantaged cost position, and increasing pressure from generic suppliers.