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April 2 (Reuters) – Dow Chemical Co said on Monday
it is closing four plants and laying off 900 workers in Europe
and North America, part of a plan to slash annual costs by $250
million amid the global economic downturn.
Dow will record $350 million in one-time charges for the
closures.
Dow said it will close Styrofoam plants in Illinois, Hungary
and Portugal, as well as a Brazilian plant that produces toluene
diisocyanate, a chemical needed to make polyurethane.
About $110 million will go to laid-off workers, Dow
spokeswoman Rebecca Bentley said. The company has roughly 52,000
workers around the world.
