Dow Corning announces reduction in global workforce
Dow Corning Corporation announced it intends to eliminate approximately 800 positions globally in response to current economic challenges. Involving approximately eight percent of the company’s workforce, the actions will primarily occur during the first half of the year across all geographic regions, and will be accomplished through a combination of voluntary retirement programs and involuntary separations. The voluntary retirement programs will be offered in the U.S. and in selected additional geographies. A voluntary separation program will be offered in the U.K.
These actions are part of broader cost-saving measures taken by the company, including maximizing operational efficiency and tightly controlling expenses.
Stephanie A. Burns, Dow Corning chairman, president and CEO, comments: “This is a difficult but necessary step to maintain our financial health, help us to meet our customers’ and shareholders’ expectations, and position us for future opportunities. We need to meet the challenges of today in order to be ready for the future, when the economy recovers. That is why we are also continuing to support our strategic investments in such areas as solar energy.”
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