Dow to lay off 5% of its workforce

Dow plans to eliminate 2,000 jobs, citing inflation and supply chain issues as reasons for its diminished profits. These layoffs account for 5% of Dow’s total workforce. According to Reuters, the company hopes to save $1 billion this year and would “exit certain assets, and further evaluate its global asset base, particularly in Europe.”

According to the Associated Press, Jim Fitterling, chairman and CEO of Dow, said, “In the fourth quarter, Team Dow continued to proactively navigate slowing global growth, challenging energy markets, and destocking. In response, we shifted our focus to cash generation in the quarter as we lowered operating rates, implemented cost-savings measures, and prioritized higher-value products where demand remained resilient.”