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News Summary: Dow Chemical to slash 2,400 jobs

The Associated Press
Tuesday, 23 Oct 2012 | 9:40 PM ET

RESTRUCTURING PLAN: The Dow Chemical Co. will eliminate about 2,400 jobs and close roughly 20 manufacturing facilities as part of a restructuring plan as it faces slowing economic growth in Europe and elsewhere.

BIG SAVINGS: Dow expects the strategy will result in roughly $500 million in annual cost savings by the end of 2014. It also plans to slash capital spending and investments. All told, Dow anticipates it will save $2.5 billion, including other cost-cutting measures.

CUTS ALL AROUND: Rival DuPont also announced a restructuring plan that includes 1,500 layoffs after reporting a big drop in quarterly profit.

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