Dow Chemical to cut three per cent of its workforce
The cuts come as the chemical company works to complete the recently announced sale of its chlorine business
MIDLAND, Mich—Dow Chemical will cut about three per cent of its global workforce as it prepares to break off a significant part of its chlorine operations in a deal it announced earlier this year with Olin Corp.
The company says the cuts will reduce its workforce by 1,500 to 1,750 positions. Dow Chemical employed about 53,000 people worldwide at the end of last year.
The Midland, Mich.-based company said in March that it will receive about $2 billion in cash and cash equivalents and an estimated $2.2 billion in Olin common stock as part of the chlorine business deal.
The Dow Chemical Co. will take charges totalling about $330 million to $380 million in the second quarter for asset impairments, severance and other costs tied the cuts announced May 4.