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7 décembre, 2007 16:17
Dow Chemical to close plants, cut jobs, take charge
Tue Dec 4, 2007 8:09 AM EST
NEW YORK (Reuters) - Dow Chemical Co said on Tuesday it would shut down a number of plants and eliminate about 1,000 jobs to cut costs and direct capital toward businesses with better growth prospects.
The largest U.S. chemical maker said it would incur a related charge of $500 million to $600 million, which includes severance costs and asset write-downs.
The plant shutdowns and job cuts will generate annual savings of about $180 million, the Midland, Michigan-based company said.
Dow this year has been hurt by soaring hydrocarbon feedstock and energy costs. It has been attempting to improve its earnings through a series of joint ventures and by expanding its more profitable specialty businesses.
