Dow Chemical to cut about 3 per cent of global workforce as part of chlorine business deal
Dow Chemical will cut about three per cent of its global workforce as it prepares to break off a significant part of its chlorine operations as part of a US$5 billion deal announced earlier this year with ammunition, chlorine, and sodium hydroxide maker Olin Corp.
Midland, Mich.-based Dow Chemical says the cuts will reduce its workforce by 1,500 to 1,750 positions. Dow Chemical employed about 53,000 people worldwide at the end of last year.
Dow said in March that it will receive about US$2 billion in cash and cash equivalents and an estimated US$2.2 billion in Olin common stock as part of the chlorine business deal.
Last week, Dow also announced that it was selling its AgroFresh specialty chemical business to the buyout company Boulevard Acquisition Corp. for US$860 million.
Dow has been under pressure from the hedge fund Third Point LLC to split its specialty chemical and petrochemical businesses.