Dow Chemical plans to lay off 900

[OhioChick]

Source: AP

Monday, April 02, 2012, 10:43 AM

MIDLAND, Mich. -- The Dow Chemical Co. plans to lay off about 900 people in response to weak demand for its products in Europe.

The Midland, Mich., chemical manufacturer said today that the positions will be cut as part of a plan to trim costs by about $250 million each year. The company also will shut down factories in Illinois, Portugal, Hungary and Brazil, and it will idle a plant in The Netherlands.

Dow Chairman and CEO Andrew Liveris said the company made the decision to adapt to a volatile economy, especially in western Europe.

Dow says it will book a first-quarter charge of $350 million in the first quarter for severance packages, asset impairments and other items related to its cost-cutting plan.

Read more: http://www.cleveland.com/business/index.ssf/2012/04/dow_chemical_plans_to_lay_off.html

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Meanwhile...."Shares rose 3 cents to $34.67 in morning trading."

[Ian David]

1. Why would they lay-off people due to less demand? Doesn't supply drive profit?

[Gibby]

4. That is certainly a succinct statement of Republican business 'conservatism'

If only we gave more tax breaks to the wealthy like Rush Limbaugh, we we see even more clearly the 'genius' of 'conservative' business 'practices.'

[BB_Troll]

2. Not cool...

but hopefully my state pension has Dow Chem stock in it.

[onehandle]

3. Well, that's one way to stabilize your stock value.

On dictator onehandle's stock market, a massive layoff would freeze trading of your stock.

[sarcasmo]

5. My sister and her husband have worked for Dow about 20 years.

Time to make a phone call this weekend.

[raouldukelives]

6. Always sad when war criminals suffer setbacks.

Glad to hear the shareholders are happy.

[hack89]

8. 900 war criminals at that. nt

[raouldukelives]

9. At least they aren't part of the problem anymore.

Not that they would see it that way. They are probably like most people who love being subservient to corporations and who gladly exchange the lives of third world people and a healthy environment for a paycheck.

[hack89]

10. I agree that anyone layed off from a corporate job deserves no sympathy. nt

[orwell]

7. More good news...

...from the "job creators"...