Dow Chemical announces layoffs, restructuring plans
Wed, 24 Oct 2012 01:04:10 GMT —
Five percent - thatâ??s how much of Dowâ??s workforce will be cut because of a poor third quarter. Dow officials say they did better than what wall street had projected, but the company needs to cut spending.
â??Itâ??s sort of the way it is in the United States now companies are forced to downsize,â?? said Ron Arnold.
The company expects to save nearly $500 million. In annual operations cost within the next two years.
â??I have a lot of friends at Dow and Dow Corning,â?? said Arnold.
Friends that face uncertain futures. Dow employees on break say they canâ??t fear for their jobs. The best thing to do is keep working as hard as possibly. But Ron Arnold is worried about Dowâ??s hand in the community.
â??Are they going to be impacted? I mean we are talking money. If Dow says they are loosing money thatâ??s why their cutting back so what are we going to do,â?? said Arnold.
According to a news release on Dow Chemical's website, the plants slated to be shut down are as follows:
An Automotive Systems Diesel Particulate Filters manufacturing facility in Midland, Michigan; a high density polyethylene facility in Tessenderlo, Belgium; a sodium borohydride plant in Delfzijl, the Netherlands; a number of Performance Materials manufacturing facilities, including Formulated Systems manufacturing facilities in Ribaforada, Spain, Birch Vale, United Kingdom and Solon, Ohio; and an Epoxy resins facility in Kina Ura, Japan.