Dow Chemical Announces Job Cuts After Closing Corning Deal
MIDLAND, MI – The Dow Chemical Co. (Dow) announced global workforce reduction targets of 2,500 positions, including approximately 700 jobs in the Great Lakes Bay Region. The cuts are in response to Dow assuming full control of Dow Corning Corp. earlier this month and its planned merger with DuPont. The company expects approximately $500 million in combined run rate annual synergies as a result of the restructured ownership of Dow Corning.
“With the difficult but necessary actions Dow is announcing today to enable faster and more efficient growth from Dow Corning, we are also calling into action multiple efforts to minimize the economic impact on the Great Lakes Bay Region,” said Howard Ungerleider, Vice Chairman and Chief Financial Officer of Dow, and Chairman of Dow Corning. “We believe, by working together as one community with one singular focus, we can make both Dow and the region stronger and more economically resilient in the future.”