Dow announces 1,500 layoffs as part of cost-cutting plan
MIDLAND, Mich. (CBS DETROIT) - Dow Inc. has announced a cost-cutting plan that includes eliminating about 1,500 positions within its global operations.
This is among a collection of targeted actions intended provide $1 billion in cost savings, the company press release said. Specific job positions or locations of expected layoffs were not mentioned in the announcement.
"The proactive actions will further reduce the Company's costs in response to ongoing macroeconomic uncertainty, while reinforcing its long-term competitiveness across the economic cycle," the statement said.
Other cost-savings measures include reducing direct costs such as purchased services and third-party contract labor.
"While these decisions are difficult, we must continue to take proactive actions to reduce costs while we navigate through this ongoing slower-than-expected macroeconomic recovery," said Jim Fitterling, Dow chair and CEO. "As 2025 progresses we will continue to evaluate options to reinforce our competitiveness and take further action if necessary."
Dow operates manufacturing sites in 30 countries, employing about 36,000 people. Its headquarters are in Midland, Michigan.
