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Dow Chemical cuts 4,000 jobs
No. 1 chemicals company to shut down two Texas plants, posts wider loss for the fourth quarter.
January 30, 2003: 11:20 AM EST

NEW YORK (Reuters) - Dow Chemical, the No. 1 U.S. chemical maker, Thursday said it planned to close two Texas plants and cut up to 4,000 jobs.

William Stavropoulos, Dow's chief executive, said in a conference call that the company planned to close two plants in Texas run by Union Carbide Corp., the chemical company Dow acquired.

Stavropoulos also said the company would to lower its capital spending in 2003 by $400 million, or 25 percent, and would cut 3,000-to-4,000 jobs from its work force.

Earlier Thursday, Dow (DOW: down $0.27 to $28.83, Research, Estimates) posted a net loss of $809 million, or 89 cents a share, compared with a net loss of $37 million, or 4 cents a share, a year earlier.

Dow said that excluding these and other smaller items, its loss came to $172 million, or 18 cents a share.

Analysts were looking for breakeven results excluding items, according to Thomson First Call.  Top of page




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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2014 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2014. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2014 and/or its affiliates.