Dow Inc., a Michigan-based material science company, announced today that approximately 2,000 jobs will be cut globally as part of the corporation’s goal to save $1 billion this year.
In a press release, Dow outlined a series of targeted actions to reduce spending through structural improvements and operating expenses, which the company expects to realize in 2023.
Besides the job cuts, which amount to about 5 percent of its total workforce, the plan will also include optimization of labor and service costs, the shutdown of select assets, as well as further evaluation of its global asset base, with a particular focus on Europe.
Additional steps include decreasing turnaround spending, cutting raw material purchases, as well as aligning spending levels to the macroeconomic environment, the company said….