Posted on 12/10/2008 11:27:35 PM PST by Lorianne
Dow Chemical Co. will cut thousands of jobs, close several plants and slash chemical production in response to the global economic downturn, the company said Monday.
The largest chemical maker in the U.S. by revenue, Dow is the latest in the industry to impose sweeping cuts amid plunging demand for its products, which are the building blocks for consumer products ranging from cars to vitamins to sneakers.
The company said business conditions deteriorated precipitously in October so it is speeding up plans to reorganize. It will cut 5,000 jobs -- about 11% of its work force -- and reduce the number of contractors it hires by about 6,000, or 30%.
Dow also will shut 20 plants and idle 180 -- or roughly a third of its plants world-wide -- and try to sell several businesses.
(Excerpt) Read more at online.wsj.com ...
Governor Jennifer Grandtheft did say we’d be ‘blown away’.
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