Dow Chemical plans to lay off 900
Source: AP
Monday, April 02, 2012, 10:43 AM
MIDLAND, Mich. -- The Dow Chemical Co. plans to lay off about 900 people in response to weak demand for its products in Europe.
The Midland, Mich., chemical manufacturer said today that the positions will be cut as part of a plan to trim costs by about $250 million each year. The company also will shut down factories in Illinois, Portugal, Hungary and Brazil, and it will idle a plant in The Netherlands.
Dow Chairman and CEO Andrew Liveris said the company made the decision to adapt to a volatile economy, especially in western Europe.
Dow says it will book a first-quarter charge of $350 million in the first quarter for severance packages, asset impairments and other items related to its cost-cutting plan.
Read more: http://www.cleveland.com/business/index.ssf/2012/04/dow_chemical_plans_to_lay_off.html
Meanwhile...."Shares rose 3 cents to $34.67 in morning trading."
Ian David
(69,059 posts)Gibby
(96 posts)If only we gave more tax breaks to the wealthy like Rush Limbaugh, we we see even more clearly the 'genius' of 'conservative' business 'practices.'
BB_Troll
(65 posts)but hopefully my state pension has Dow Chem stock in it.
onehandle
(51,122 posts)On dictator onehandle's stock market, a massive layoff would freeze trading of your stock.
sarcasmo
(23,968 posts)Time to make a phone call this weekend.
raouldukelives
(5,178 posts)Glad to hear the shareholders are happy.
hack89
(39,171 posts)raouldukelives
(5,178 posts)Not that they would see it that way. They are probably like most people who love being subservient to corporations and who gladly exchange the lives of third world people and a healthy environment for a paycheck.
hack89
(39,171 posts)orwell
(7,775 posts)...from the "job creators"...