(MENAFN) Dow Chemical's Co chairman and chief executive, Andrew Liveris, announced that the company would close 20 of its plants and lay off 5 percent of its workforce, reported Reuters.
Liveris said that the move is part of the US biggest chemical maker's restructuring plan to tackle a slowing global economy.
He added that the job reductions would lead to the loss of nearly 2,400 positions all over the world.
Moreover, among the plants that would be closed are a high-density polyethylene facility in Belgium, a sodium borhidrate plant in the Netherlands, and a manufacturing facility in Midland, Michigan.
The company will also take an unspecified charge related to its Dow Kokam LLC assets, reflecting weak demand for lithium-ion batteries.
The company would trim capital spending and investment in programs that are no longer a priority, with those cuts expected to save it an additional USD500 million.
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.