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Dow Chemical reports 39% drop in profits after revealing cuts, closures

NEW YORK -- Dow Chemical on Wednesday reported a sharp drop in third-quarter profits, hours after saying it planned to cut 5 percent of its global workforce, or 2,400 employees, and close 20 plants.

The company reported quarterly profits of US$497 million compared to US$815 million the previous year, a 39-percent drop.

Dow said Tuesday it aimed to generate US$500 million in savings on annual operating costs from the cuts by the end of 2014.

The company will also cut capital investment on programs it no longer sees as priorities, for another US$50 million in savings, it said.

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