Dow Chemical to shed 1,000 jobs by Finance News Bulletin

Published: 02/01/08

American substance firm Dow Chemical is to cut 1,000 jobs and shut plants, in an attempt to cut costsThe firm, one of America's largest chemical companies, has been strike by rising costs in the history yearDow said it would leave the automotive sealers business in North America, Asia and Latin America and "travel around strategic options" in EuropeThe firm said it would take a charge of $500m-$600m for the cuts, but they would guide to annual savings of $180m

Dow chairman and chief executive Andrew Liveris said the move "reflects our promise to prune businesses that are not delivering suitable value and tackle tasks more professionally across the entire organisation"Analysts have so far welcomed the information, but warn that the continued rise in raw material and other costs may negate its crash"Cost reduction is always good, because the chemical manufacturing is very slow at cost cutting, so obviously this is a step

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