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Dow Chemical to slash 5,000 jobs, close 20 plants & 3M Cutting Jobs
Dow Chemical to slash 5,000 jobs, close 20 plants
By ERNEST SCHEYDER, AP Business Writer
NEW YORK – Dow Chemical Co. said Monday it will slash 5,000 full-time jobs — about 11 percent of its total work force — close 20 plants and sell several businesses to reign in costs amid the economic recession.
The company, one of the largest chemical makers in the world, expects the moves to save about $700 million per year by 2010. Dow also will temporarily idle 180 plants and prune 6,000 contractors from its payroll.
"We are accelerating the implementation of these measures as the current world economy has deteriorated sharply, and we must adjust ourselves to the severity of this downturn," Chief Executive and Chairman Andrew N. Liveris said in a statement.
The Midland, Mich.-based company expects "the new Dow" to be comprised of three units: joint ventures; performance products; and health and agriculture, advanced materials and other market-facing businesses.
The reorganization comes just days after the company closed on its K-Dow Petrochemicals joint venture with a company controlled by the Kuwait government.
Dow is slated to close on its $15.3 billion buyout of Rohm & Haas Co. early next year, a deal it hopes will help it grow into the high-margin specialty chemicals market. The company expects that deal to results in about $800 million in savings over time.
Last week Dow rival DuPont said it would cut 2,500 jobs and warned it won't turn a profit in the fourth quarter due to a slowdown in the automotive and construction markets.
Shares of Dow Chemical jumped 75 cents, or 4 percent, to $19.75 in premarket trading, having closed Friday at $19. The stock is still worth less than half of its 52-week high of $45.50, set nearly a year ago.
3M slashes 1,800 jobs
NEW YORK (Reuters) – Diversified manufacturer 3M (MMM.N) said on Monday it cut 1,800 jobs and lowered its 2008 outlook due to the global economic downturn, sending its shares 2.5 percent lower.
3M, whose products include cell phone circuits and Post-It notes, said in a statement it cut the jobs in the fourth quarter, mainly in the United States, Western Europe and Japan. These cuts should yield benefits of $170 million in 2009, according to the statement.
It cut its 2008 outlook to $5.10 to $5.15 excluding items from an earlier estimate of $5.40 to $5.48 per share.
3M's shares were down $1.56 at $58.29 in early morning trade on the New York Stock Exchange.
(Reporting by Helen Chernikoff, editing by Dave Zimmerman)
By ERNEST SCHEYDER, AP Business Writer
NEW YORK – Dow Chemical Co. said Monday it will slash 5,000 full-time jobs — about 11 percent of its total work force — close 20 plants and sell several businesses to reign in costs amid the economic recession.
The company, one of the largest chemical makers in the world, expects the moves to save about $700 million per year by 2010. Dow also will temporarily idle 180 plants and prune 6,000 contractors from its payroll.
"We are accelerating the implementation of these measures as the current world economy has deteriorated sharply, and we must adjust ourselves to the severity of this downturn," Chief Executive and Chairman Andrew N. Liveris said in a statement.
The Midland, Mich.-based company expects "the new Dow" to be comprised of three units: joint ventures; performance products; and health and agriculture, advanced materials and other market-facing businesses.
The reorganization comes just days after the company closed on its K-Dow Petrochemicals joint venture with a company controlled by the Kuwait government.
Dow is slated to close on its $15.3 billion buyout of Rohm & Haas Co. early next year, a deal it hopes will help it grow into the high-margin specialty chemicals market. The company expects that deal to results in about $800 million in savings over time.
Last week Dow rival DuPont said it would cut 2,500 jobs and warned it won't turn a profit in the fourth quarter due to a slowdown in the automotive and construction markets.
Shares of Dow Chemical jumped 75 cents, or 4 percent, to $19.75 in premarket trading, having closed Friday at $19. The stock is still worth less than half of its 52-week high of $45.50, set nearly a year ago.
3M slashes 1,800 jobs
NEW YORK (Reuters) – Diversified manufacturer 3M (MMM.N) said on Monday it cut 1,800 jobs and lowered its 2008 outlook due to the global economic downturn, sending its shares 2.5 percent lower.
3M, whose products include cell phone circuits and Post-It notes, said in a statement it cut the jobs in the fourth quarter, mainly in the United States, Western Europe and Japan. These cuts should yield benefits of $170 million in 2009, according to the statement.
It cut its 2008 outlook to $5.10 to $5.15 excluding items from an earlier estimate of $5.40 to $5.48 per share.
3M's shares were down $1.56 at $58.29 in early morning trade on the New York Stock Exchange.
(Reporting by Helen Chernikoff, editing by Dave Zimmerman)
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Permalink Reply by James and Terry Hamilton on
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History is repeating itself// Banking collapse,,more totalitarian control/// and a way to put AmeriKan people back to work
Oh That's right we are Not in a recession...Think Lenin...Marx
http://en.wikipedia.org/wiki/Works_Progress_Administration -
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