(MENAFN) Dow Chemical said it would cut around 3 percent of its workforce worldwide due to its deal to move chlorine activities into a new firm, The Peninsula Qatar reported.
The Michigan-based company said the cut will impact 1,500 to 1,750 jobs. It also announced minor facilities adjustment as part of a USD1 billion restructuring measures previously announced.
The moves, expected to be completed in the next two years, are "a result of the company's pending separation of a significant portion of its chlorine value chain," Dow said in a statement.
Dow said it would take about USD330-380 million in charges in the second quarter for the new actions. Shares in Dow were up 0.15 percent at USD51.77 in early trade.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.