Fwd: Dow Chemical to total 5500 jobs, 20 plants to close

[abi]

---------- Forwarded message ----------
From: visualseep...@yahoo.com
Date: Jan 30, 10:24 pm
Subject: Dow Chemical to total 5500 jobs, 20 plants to close
To: alt.computer.consultants, sci.research.careers,
soc.culture.indian, sci.econ, misc.invest.canada

whenever i think dow chemical, i think of the union carbide disaster
of 1984 where its then ceo warren anderson fled India with the help of
the US to escape charges of homicide.

though i feel sad for the workers losing their jobs, i cannot say i
feel sad for the company going downhill.

---------------

Dow Chemical to cut 400-500 Mich. jobs
Dow Chemical to cut up to 500 Mich. jobs as part of previously
announced layoffs

MIDLAND, Mich. (AP) -- Dow Chemical Co. said Friday it would cut
between 400 to 500 jobs near its Midland, Mich., headquarters as part
of a previously announced global layoff plan.

The nation's largest chemical maker said last month it would slash
5,000 full-time jobs -- about 11 percent of its total work force --
close 20 plants and sell several businesses to rein in costs amid the
economic recession.

"The decision to reduce jobs is one the company never takes lightly,"
said Mike Gambrell, executive vice president of manufacturing and
engineering operations and head of Dow's restructuring program.
"However, the global financial crisis, combined with recent and steep
declines in customer demand, have intensified the company's need to
accelerate cost-cutting measures."

Shares of Dow fell 43 cents, or 3.5 percent, to $11.88 in midday
trading. Earlier in the session the stock hit a 52-week low of $11.85.
It has ranged from $12.21 to $43.42 over the past year.