Dow cutting 1,500 jobs to cut costs
MIDLAND, Mich. (WNEM) – Dow Inc. announced it is cutting 1,500 jobs globally in an effort to cut costs.
The company made the announcement on Thursday, Jan. 30.
The workforce reduction is part of the company’s goal to save $1 billion in cost savings. Additional actions include $500 million to $700 million reduction in direct costs, Dow said in a press release.
“While these decisions are difficult, we must continue to take proactive actions to reduce costs while we navigate through this ongoing slower-than-expected macroeconomic recovery,” Dow CEO Jim Fitterling said. “These cost actions support our commitment to our long-term growth objectives, while aligning spending levels to the realities of the current macroeconomic environment. As 2025 progresses we will continue to evaluate options to reinforce our competitiveness and take further action if necessary.”
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