Dow Cuts Workforce By 6%; Sees 'Gradual and Uneven Recovery'
July 23 2020 - 07:00AM
Dow Jones News
By Matt Grossman
Dow Inc. said Thursday its response to the coronavirus pandemic
would include a sharper focus on cost reduction.
The materials company said it is raising its target for
operating-expense reductions to $500 million, from $350
million.
The company said is cutting its workforce by 6%. The program
aims to add more than $300 million to earnings before income,
taxes, depreciation and amortization by the end of 2021. Dow said
it would also exit uncompetitive assets.
"Based on what we've seen in the second quarter and into July,
we continue to expect a gradual and uneven recovery," Dow Chairman
and Chief Executive Jim Fitterling said.
Write to Matt Grossman at matt.grossman@wsj.com
(END) Dow Jones Newswires
July 23, 2020 06:45 ET (10:45 GMT)
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