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The Dow Chemical Company
DOW today announced a restructuring program
designed to accelerate cost reduction actions and advance the next stage of
the Company's transformation in the midst of persistently slow macroeconomic
growth.
These actions will result in a net reduction of approximately 2,400 positions,
or five percent of the global workforce. The restructuring also includes the
shutdown of approximately 20 manufacturing facilities. Once fully implemented,
these actions are expected to result in approximately $500 million of annual
operating cost savings by the end of 2014. The Company will take charges
totaling approximately $0.50 - $0.60 per share in the fourth quarter of 2012
for asset impairments and write-offs, severance and other costs related to
these measures.
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