The Dow Chemical Co. announced a series of actions to further streamline the organization and optimize its footprint that will result in a reduction of approximately 1500–1750 positions, or approximately 3 percent of the global workforce.
The company is also announcing additional minor adjustments to its asset footprint to enhance competitiveness. The actions are a result of the company’s pending separation of a significant portion of its chlorine value chain.
Dow has shifted its portfolio toward targeted, integrated high-value markets, and as a result is taking additional actions to further enhance its organizational effectiveness – with a focus on driving geographic market engagement coupled with global efficiency – to deliver maximum value from its growth investments.
The company will take charges totaling approximately $330–$380 million in the second quarter of 2015 for asset impairments, severance, and other costs related to these measures, which are expected to be completed during the next two years. Once fully implemented, these actions are expected to result in approximately $300 million of annual operating cost savings.
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