Dow Chemicals Lay off Job Cut: fires 5000, closes 20 plants

Dow Chemicals, one of the largest chemical companies of the world, is learnt to go for a massive layoffs or job cuts. Since the entire global markets and businesses are suffering from the downturn, this company also seeems to be affected.

How many employees will be fired in the Dow Chemicals Lay off Job Cut?
Around 5000 employees of 11% of the total employee headcount will see the job cuts.

Any plant that will be shut down by the Dow Chemicals?
Yes, the company is expected to close around 20 plants. It will also sell several businesses to reign in costs amid the economic recession.

How much savings can be achieved by the Dow Chemicals Lay off Job Cut?
It is expected that there will be a saving of about $700 million per year by 2010.

Any temporary employees affected by Dow Chemicals Lay off Job Cut?
Dow also will temporarily stall the work at 180 plants and cut back on 6,000 contractors from its payroll.

Any official statements by Dow Chemicals ?
"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.

ANy reorganization for Dow Chemicals ?
Yes. It is expected that "the new Dow" will be only of 3 units:
1. Joint ventures; performance products;
2. and health and agriculture, advanced materials and
3. other market-facing businesses.

Let's hope that alternative jobs are available to the affected employees of Dow Chemicals Layoffs Job Cut.