With more and more folks losing their jobs, it's going to be a long, hot Summer.
05/01/2001
Dow Chemical to Cut 4,500 Jobs
DETROIT (AP) — Dow Chemical plans to cut 4,500 jobs, or 8% of its workforce, doubling its earlier job-reduction estimate as it looks to bolster savings from its purchase of Union Carbide.
The company had previously said it was cutting 4% of its workforce because of cost savings found through the acquisition, including the reduction of overlapping responsibilities.
Dozens of other companies, ranging from Motorola (22,000 job cuts) to Procter & Gamble (9,600 cuts), have also cut back operations in recent months, due in large part to the slumping U.S. economy.
Last Thursday, Dow Chemical said it lost $685 million in the first quarter, including a special merger-related charge of $1.4 billion.