30 January 2009 22:02 [Source: ICIS news]
HOUSTON (ICIS news)--US major Dow Chemical plans to cut 400-500 salaried positions at its sites in and around its home town of Midland in Michigan, the company said on Friday.
The job cuts are part of the larger layoffs and shutdowns that the company announced in December, Dow said.
The company started notifying the employees about the cuts earlier this month, Dow said. They were offered separation packages that included a lump-sum severance payment, continued health-care benefits and career and personal counselling.
“The decision to reduce jobs is one the company never takes lightly,” said Mike Gambrell, who is heading Dow’s restructuring programme.
"However, the global financial crisis, combined with recent and steep declines in customer demand, have intensified the company’s need to accelerate cost-cutting measures," he said in a press statement.
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