Dow Chemical is cutting 5,000 full-time jobs, closing 20 plants and selling businesses in an effort to cut costs amid poor market conditions.
The job cuts represent 11 percent of the company's total work force. Dow Chemical Co. says the move will save $700 million annually by 2010. This is in addition to the $800 million in expected savings from its Rohm and Haas acquisition.
The Midland, Michigan-based company will idle 180 plants and cut about 6,000 contractors globally as a result of the reduced operations.
"The current world economy has deteriorated sharply, and we must adjust ourselves to the severity of this downturn," Chairman and Chief Executive Andrew N. Liveris said in a statement.
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