5,000 Jobs Cut by Dow Chemical

[dollardaze]

Dow Chemical Co. said that it will be closing 20 of its plants, and sell several other businesses, and cut 5,000 full-time jobs to lower its costs, which is about 11% of the company's workers.

With these measures, Dow expects to be able to save about $700 million per year by the year 2010. It has yet to be determined which workers and plants will be affected by this decision.

The company says that there are no plans to cut its dividend, which is good news for its shareholders.

[ClassyLady]

That is sad to hear for the workers to lose thier jobs right before the holidays.