Dow Chemical announces plant closures, says its savings plan is on track

This morning, the Dow Chemical Company (DOW) announced that its board approved a plan yesterday to shut down a number of manufacturing assets, affecting 100 employees who would be offered other positions. Dow also said it will take a charge related to 2,500 previously announced job cuts. This multibillion-dollar restructuring plan will save more than $100 million a year, Dow said.

The company says the closures of its ethylene and ethylene-derivatives production plants fit into its strategy of reducing its reliance on cyclical and commoditized basic chemicals production, and increasing its focus on less volatile higher-value specialty chemicals.