for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up
Company News

BRIEF-Dow Chemical Co says to shut some facilities, reduce 2,500 positions

June 28 (Reuters) - Dow Chemical Co

* Dow announces multiple actions to accelerate shareholder value creation from dow corning transaction; increases synergy capture to $500 million

* Transaction will also be accretive to operating earnings per share, cash flow from operations and free cash flow in first full year

* Dow will shut down silicones manufacturing facilities in Greensboro, North Carolina, and Yamakita, Japan

* Actions will result in a reduction of approximately 2,500 positions globally, or approximately four percent of dow’s workforce

* Cost synergies will be achieved through a combination of workforce consolidations and savings from other actions

* Actions will result in a reduction of approximately 2,500 positions globally, or approximately four percent of Dow’s workforce

* Says will take a charge of approximately $410 million to $460 million in Q2 of 2016 for asset impairments

* Dow Chemical says actions position Dow to achieve its cost synergy target run rate of 70 percent within 12 months of closing Dow Corning transaction Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up