02 April 2012 16:31 [Source: ICIS news]
LONDON (ICIS)--Dow chemical will cut around 900 jobs and close four plants over the next two years in an effort to save $250m annually in response to continued weak demand in the European economy, the US-based chemical major said on Monday.
The cost reduction will include closing certain manufacturing plants in Europe, North America and ?xml:namespace>
Dow will take charges totalling about $350m (€263m) for asset impairments, write-offs, severance and other costs related to these measures, it added.
“These actions, while difficult, are in full alignment with our commitment to continually manage our portfolio to adapt to changing and volatile economic conditions, as we are seeing particularly in western Europe, and to preferentially invest in our fast growing, technology rich businesses,” said Dow’s CEO Andrew Liveris.
Dow will shut down three plants that produce STYROFOAM brand insulation products located in
The company added it will close its toluene diisocyanate (TDI) plant in
“In addition to these closures, the company will consolidate certain other assets in its polyurethanes and epoxy businesses, optimising their operations while remaining focused on meeting customer needs and sourcing through non-impacted assets,” the company said.
($1 = €0.75)
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections