Dupont's Ellen Kullman
By John Richardson
Dow Chemical's decision to cut 2,400 jobs, as it posted a 32% drop in earnings per share, was the result of what CEO Andrew Liveris said was difficult conditions that "may have extended staying power, as the new reality is that we are operating in a slow-growth and volatile world."
DuPont is to shed 1,500 jobs. CEO Ellen Kullman said: "Current uncertainties in the global economic outlook, softer demand in certain markets and strength in others require realigning business resources to match current growth opportunities and increase responsiveness to rapidly changing market realities."
The good news is that, as Kullman points out, there are rapidly changing market realities that represent tremendous opportunities for chemicals companies.