American chemical company Dow Chemical plans to eliminate 1,500 jobs, representing four percent of its workforce. The company experienced a $35 million loss in the fourth quarter of last year and aims to save $1 billion through these layoffs.
Reduced demand for Dow’s products has led to decreased prices and narrowed profit margins. Dow is also cutting other costs, hoping to save an additional $300 to $500 million.
It is not yet clear where the job cuts will occur, but the company is considering reductions mainly in Europe and Asia. Dow’s second-largest plant is located in Terneuzen, employing 3,500 people, which accounts for a tenth of the company’s total workforce.
Last week, Dow announced the indefinite postponement of maintenance at the Terneuzen facility, stating it would not affect employees. Dow primarily produces polyethylene used in packaging, and the Terneuzen site is the largest employer in Zeeuws-Vlaanderen.
Source: NOS