Dow to cut 2,000 jobs, to record charges of up to $725 million primarily for severance and benefits costs
Dow Inc. (DOW) followed up its downbeat fourth-quarter earnings report with another release saying it would cut 2,000 jobs as part of its $1 billion cost-cutting plan. The cuts represent about 5.6% of the chemicals and specialty materials company's workforce, according to FactSet data. Dow said it will also shut down select assets as it evaluates its global asset base, particularly in Europe. The company said it will record a charge of $550 million to $725 million in the first quarter of 2023 for costs resulting from its cost-cutting actions, which primarily include severance and benefit costs. Earlier, the company reported fourth-quarter adjusted profit and revenue that missed Wall Street expectations. The stock has run up 20.6% over the past three months, while the Dow Jones Industrial Average has gained 6.0%.
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01-26-23 0625ETCopyright (c) 2023 Dow Jones & Company, Inc.