Dow Chemical Co. expects to reduce its global workforce by roughly 3%, part of an effort to streamline the company ahead of the pending spinoff of a significant portion of its chlorine business.
In a news release Monday, Dow said “minor footprint adjustments” will be made to certain manufacturing operations, which are expected to represent less than 1% of the company’s net property value. The changes include “minor consolidation and shut downs” in response to a changing market.
Dow said the streamlining plan, set to be completed over two years, is expected to result in a workforce reduction of 1,500 to 1,750 positions. The company expects to post related charges and write-downs of $330 million to $380 million during the second quarter. With the latest moves, Dow is aiming to save roughly $300 million a year in operating costs...."Minor footprint adjustments."