Dow Chemical said Tuesday said it would lay off about 2,500 employees globally, or about 4 percent of its workforce, as part of a deal to assume full control of Dow Corning, which was a joint-venture with Gorilla glass maker Corning.
"We are moving quickly and effectively to integrate Dow Corning and deliver the synergies that will drive new levels of value creation for our customers and generate even greater returns for our shareholders," Dow Chemical Chairman and CEO Andrew Liveris, said in a statement.
The restructuring will result in Dow Chemical capturing $500 million in combined synergies, adding it will also lead to the shutdown of multiple silicon manufacturing facilities.
Dow Chemical on Tuesday raised its annual cost savings estimate for the deal to $400 million from $300 million. The company said it was also targeting $100 million in growth synergies.
Shares of Dow Chemical were up around 1 percent in the premarket Tuesday.
— Reuters contributed to this report.