Dow Chemical to cut 2,000 jobs
UPI News
1/26/2023
© Dow/Media Gallery
Dow Chemical will cut approximately 2,000 jobs from its workforce to cut costs in 2023, the company announced Thursday. Photo by Dow/Media Gallery
Jan. 26 (UPI) -- Dow Chemical is laying off approximately 2,000 workers to try and cut costs for 2023.
"Dow Inc. today outlined a series of targeted actions aligned to its previously stated plan to achieve $1 billion in cost savings in 2023," reads the text of a press release from Dow Chemical Thursday.
The company said cost-saving measures would include "a global workforce reduction of approximately 2,000 roles."
"We are taking these actions to further optimize our cost structure and prioritize business operations toward our most competitive, cost-advantaged and growth-oriented markets, while also navigating macro uncertainties and challenging energy markets, particularly in Europe," the press release continues.
Dow Chemical has been struggling with soaring energy costs in the wake of the Russian invasion of Ukraine. The company reported a 17% drop in net sales during the fourth quarter of 2022.
Major corporations, particularly in the tech industry, have seen mass layoffs in the recent months, with Lyft, Meta, Amazon, Microsoft, Salesforce and Google all cutting jobs.
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