09 January 2013 16:02 [Source: ICIS news]
HOUSTON (ICIS)--Dow Corning will lay off about 500 employees to restructure the company with the volatile global economy, the US silicone producer said on Wednesday.
The involuntary separation programme over the next weeks will affect mostly those in the professional ranks, the company said.
“Dow Corning has added significant professional capability and resources in support of expected and sustained growth in recent years,” Dow Corning CEO Robert Hansen said. “Since that growth didn’t materialise as expected, it was necessary to re-evaluate those investment decisions given the state of the global economy.”
The company is a joint venture between Dow Chemical and Corning.
Dow Corning said the announcement does not affect Hemlock Semiconductor, a joint venture with Shin-Etsu and Mitsubishi that produces polycrystalline silicon for semiconductor and solar wafer manufacturing.
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