Three Dow Chemical Plants to Close
July 1, 2009 by Stephen Kersey
Filed under Business
On Wednesday, Dow Chemical announced plans to close down three of their plants. All three of the closing plants are in the state of Louisiana.
The good news for workers at these three plants is that they will be offered jobs elsewhere within Dow Chemical. Approximately 100 people work at the three plants.
Dow Chemical says they are making the change to focus more on specialty chemicals rather than basic chemicals. This change in focus started when they purchased Rohm & Haas a few months ago in a transaction that cost $16 billion.
Said Andrew N. Liveris, the CEO of Dow Chemical: “Consistent with Dow’s practice of active portfolio management, we continue to take quick and aggressive action to right-size our manufacturing footprint, particularly in our basics portfolio. These actions are also aligned with our strategic transformation, which focuses on preferentially investing for growth in our performance and advanced materials portfolios. In addition, we are making excellent progress on achieving $1.3 billion in cost synergies from the acquisition, and today’s steps demonstrate our speed and determination to deliver these savings.”
On Wednesday, Dow Chemical’s fell about one percent.
Dow Chemical (Image: Flickr)
