Materials giant Dow Inc. is cutting 2,000 jobs as part of a cost-savings plan.
Midland, Mich.-based Dow announced the moves Jan. 26, the same day it released fourth-quarter and full-year 2022 financial results. Officials said in a news release the proactive actions "will further optimize (Dow's) cost structure in response to near-term macroeconomic uncertainty, while maintaining its long-term competitiveness across the economic cycle."
The job cuts are part of $500 million in structural improvements that also includes "shutting down select assets, while further evaluating Dow's global asset base, particularly in Europe, to ensure long-term competitiveness."
Dow also plans $500 million in operating expense reductions for a total of $1 billion in cost savings in 2023. Those reductions will include decreasing turnaround spending, reducing purchased raw materials, logistics and utilities costs, and aligning spending levels to the macroeconomic environment.