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Dow is slashing jobs and shutting down assets as it looks to make cost savings.
Photo:
Sean Proctor/Bloomberg News
Dow Inc.
said it is laying off about 2,000 employees globally as it seeks to cut costs by $1 billion this year.
The Midland, Mich.-based chemicals company said it is also shutting down certain assets and broadly looking to align spending with the macroeconomic environment. The company said it expects to book a charge of $550 million to $725 million in the first quarter for costs tied to the cost-cutting moves.
Chief Executive
Jim Fitterling
said the company is optimizing its cost structure amid macroeconomic uncertainties and “challenging energy markets, particularly in Europe.”
In addition to the job cuts, the company said it is targeting $500 million in structural improvements and another $500 million in operating-cost reductions.
Write to Will Feuer at Will.Feuer@wsj.com
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