Dow Chemical To Cut 2,500 Jobs Ahead Of DuPont Merger

Dow Chemical is eliminating 2,500 jobs after taking control of Dow Corning, which makes silicone products, it said on Tuesday. The job cuts will reduce the chemical giant's workforce by about 4% and includes plans to close silicone factories in Greensboro, NC and Yamakita, Japan, plus other administrative, corporate and manufacturing facilities. Dow Chemical recently spent $4.8 billion to take full ownership of Dow Corning from Corning Inc., ending a 72-year-old joint venture. As a result of the restructuring, Dow expects to reap $500 million in annual savings. The company is looking to boost its competitiveness and streamline costs associated with the transaction, it said. The job cuts come as Dow Chemical is seeking regulatory approval for its merger with DuPont, which would combine two titans of American industry and create a behemoth with $90 billion in annual revenue.