Sharp drop in profits in year-end quarter / Chemical giant announces massive cost cuts
After a disastrous fourth quarter of 2022, Dow Chemical is taking the axe and announcing a massive cost-cutting programme. Costs are to be reduced by USD 1 bn before the end of 2023, according to the company. The chemical giant wants to achieve half of the savings through “structural improvements”. This refers to elimination of about 2,000 jobs – equivalent to 5.3% of the global workforce – the closure of plants, especially in Europe, and other measures to increase productivity. The other half is to... (27.01.2023)