Dow is Chopping About 2,000 Jobs, or 5 Per Cent of Workforce

Final Up to date: January 26, 2023, 19:25 IST

Supplies science firm Dow at present employs about 37,800 folks.

The layoffs are a part of an effort to succeed in $1 billion in value financial savings this yr.

Supplies science firm Dow is chopping about 2,000 jobs, or roughly 5 per cent of its world workforce, as a part of an effort to succeed in USD 1 billion in value financial savings this yr. The Midland, Michigan-based firm at present employs roughly 37,800 folks.

Dow Inc. will take a cost of $550 million to $725 million within the first quarter. This largely consists of severance and associated profit prices; prices associated to exit and disposal actions and asset write-downs and write-offs.

Dow didn’t present specifics however mentioned it could consider belongings with a give attention to Europe.

The corporate additionally reported a fourth-quarter revenue of USD 613 million, or 85 cents per share. Its adjusted revenue was 46 cents per share, under the 57 cents per share that analysts surveyed by Zacks Funding Analysis had been calling for.

Income totalled USD 11.86 billion, lacking Wall Road’s estimate of USD 12.03 billion.

“Within the fourth quarter, Crew Dow continued to proactively navigate slowing world development, difficult power markets, and destocking,” Jim Fitterling, chairman and CEO, mentioned in a press release.

“In response, we shifted our focus to money technology within the quarter as we lowered working charges, applied cost-savings measures, and prioritized higher-value merchandise the place demand remained resilient.” Shares fell 5.three per cent earlier than the market open.