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Dow Chemical is closing three Louisiana plants which will cost about 2,500 jobs. The company is shifting away from basic chemicals and more toward the lucrative business of specialty chemicals.
The job cuts were previously announced. The company bought rival Rohm & Haas in April for more than $16 billion, a deal that added massive amounts of debt to its balance sheet, but gave the company a strong position in the specialty chemicals market.
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CNBC.com |
Dow [DOW
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] says closing the plants will lead to savings of more than $100 million a year, part of a multibillion-dollar restructuring. The plants that will be closed make ethylene, which is used in everything from packaging to plastic bags.
Shares of Dow rose in premarket trading.
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