Unhappy news, via the Wall Street Journal
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."
P&G is laying off another 3000-6000 (25-30% of non-manufacturing jobs). This is following layoffs of thousands already. They have been shutting down sites too. The historic Miami Valley Innovation Center is in the process of being demolished. Sharon Woods will be closed.
ReplyDeleteYet they are still hiring armies of H1-B interns for the summer. Gotta give HR something to do, eh?