Search History
Clear History
{{item.search_key}}
Hot Searches
Change
{{item.name}}
{{item.english_name}}
Subscribe Weekly eNewsletter
Once A Week Once Every Two Weeks
{{sum}}
Login Register

Applications

MATERI’ACT Dallas to speed up development of recycled compounds for automotive

Syensqo introduces new MTM epoxy prepreg with bio-sourced monomers

INEOS Automotive and BASF Coatings division partner in vehicle body repair and paint refinish

Products

Coperion optimizes laboratory extruder design for greater flexibility and safety

HASCO offers hot runner with Primezone control unit and OPC UA interface

BOY to present two small injection molding machines at CHINAPLAS 2024

Activities

  • Round Table at Fakuma 2023: “Plastic – Recyclable Rather Than Problem Material!”

  • ArabPlast 2023 – The Success Journey Continues………..

  • GREAT NEWS! INAPA 2023 IS COMING BACK 24 - 26 May 2023 at JIExpo Jakarta, Indonesia

Pictorial

Industry And Market

ASEAN: The Next Manufacturing Hub

Innovative and Sustainable Packaging

Recycling and Circular Economy

CHINAPLAS

CHINAPLAS 2023 Focus

News Videos

(CHINAPLAS) Kuncai Technology: Sustainable development and cost management are focuses

5L Full Automatic PET Bottle Blowing Machine

Plastic raffia bag wasching recycling line

Conference Videos

【Mandarin session:Webinar playback】Meusburger: More efficient and very accurate temperature control systems guarantees your success in moulding industry.

【Mandarin session:Webinar playback】HPF: High-performance fillers used in Thermalset polymers and special high temperature plastic to improve thermal conductivities and reinforcement.

【Mandarin session:Webinar playback】Covestro: Expands Sustainability Solutions for Healthcare Industry

TechHub@CPRJ

(Bilingual subtitles) 【Walk with industry expert】Interview with Guofeng Wang, President of Henan Tuoren Zhongke Medical Technology Co., Ltd

(Bilingual subtitles) 【Walk with industry expert】Interview with Professor Bin Li , Donghua University

(Bilingual subtitles)【Walk with industry expert】Interview with Previous Midea Material expert Mr.Fei

Home > News > Corporate News

Dow to cut 2,000 jobs as part of cost savings plan in 2023

Source:Adsale Plastics Network Date :2023-01-30 Editor :JK

Dow Inc. has outlined a series of targeted actions aligned to its previously stated plan to achieve US$1 billion in cost savings in 2023. The proactive actions will further optimize the company's cost structure in response to near-term macroeconomic uncertainty, while maintaining its long-term competitiveness across the economic cycle.


1_web.jpg

Dow announces actions to optimize its cost structure.


Specifically, the company expects to realize US$1 billion in cost savings in 2023 through:

 

  • Structural improvements of US$500 million, maintaining a low cost-to-serve operating model

    • Optimizing labor and services costs, including a global workforce reduction of approximately 2,000 roles;

    • Shutting down select assets, while further evaluating Dow's global asset base, particularly in Europe, to ensure long-term competitiveness and enhance cost efficiency; and

    • Increasing productivity via end-to-end process improvements.

 

  • Operating expense reductions of US$500 million, focused on near-term cash flow

    • Decreasing turnaround spending, with a continued focus on maintaining safety and reliability;

    • Reducing purchased raw materials, logistics and utilities costs; and

    • Aligning spending levels to the macroeconomic environment.

 

"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," stated Jim Fitterling, Dow chairman and CEO.

 

The company will record a charge of US$550 million to US$725 million in the first quarter of 2023 for costs associated with these activities, which primarily include severance and related benefit costs; costs associated with exit and disposal activities; and asset write-downs and write-offs.

 

Longer-term, Dow remains on track to grow its underlying EBITDA by greater than US$3 billion by 2030 while reducing its carbon emissions by 30% versus its 2005 baseline as it progresses on its path to carbon neutrality by 2050.

 Like 丨  {{details_info.likes_count}}
Dow

The content you're trying to view is for members only. If you are currently a member, Please login to access this content.   Login

Leave Comment

Submit

All Comments

No Comment

{{VueShowUserOrCompany(itme.user)}}

{{ toolTimes(itme.updated_at,'s') }}

{{itme.body}}

Reply   
Submit
{{VueShowUserOrCompany(itmes.user)}} {{ toolTimes(itmes.updated_at,'s') }} Reply

{{itmes.body}}

Submit

Recommended Articles

Corporate News
LyondellBasell acquires mechanical recycling assets in California, US
 2024-02-26
Corporate News
King Chemicals Ranked the "2023 China's Top 100 Industrial Digitilization List"
 2024-02-23
  Shanghai King Chemcal Co.,Ld. 标准会员
Corporate News
King Chemicals Wins the 2023 Industrial
 2024-02-22
  Shanghai King Chemcal Co.,Ld. 标准会员
Corporate News
New CEO of HydroDyn Recycling announced
 2024-02-22
Corporate News
Piovan Group consolidates competitive position in India
 2024-02-15
Corporate News
LyondellBasell to acquire 35% of Saudi Arabia-based NATPET for US$500 million
 2024-02-09

You May Also Like

{{[item['category']['name'],item['category']['english_name']][lang]}}
{{VueShowUserOrCompany(item.author)}} {{VueShowDisplayName(item.author)}}   
Chat
Sponsored
{{item.title}} {{item['summary']}}
{{itags.name}}
{{item.updated_at}}
 {{item.likes_count}}       {{item.comments_count}}

You May Be Interested In

Change

  • People
  • Company
loading... No Content
{{[item.truename,item.truename_english][lang]}} {{[item.company_name,item.company_name_english][lang]}} {{[item.job_name,item.name_english][lang]}}
Add
{{[item.company_name,item.company_name_english][lang]}} Company Name    {{[item.display_name,item.display_name_english][lang]}}  
 Chat

Polyurethane Investment Medical Carbon neutral Reduce cost and increase efficiency Industry 4.0 CHINAPLAS Financial reports rPET INEOS Styrolution Evonik Borouge Polystyrene (PS) mono-material Sustainability Circular economy BASF SABIC Multi-component injection molding machine All-electric injection molding machine Thermoforming machine
Top
Feedback
Chat
News
Market News
Applications
Products
Video
In Pictures
Specials
Activities
eBook
Front Line
Plastics Applications
Chemicals and Raw Material
Processing Technologies
Products
Injection
Extrusion
Auxiliary
Blow Molding
Mold
Hot Runner
Screw
Applications
Packaging
Automotive
Medical
Recycling
E&E
LED
Construction
Others
Events
Conference
Webinar
CHINAPLAS
CPS+
Official Publications
CPS eNews
Media Kit
Social Media
Facebook
Wechat