Dow Chemical will cut 2,500 jobs worldwide and make savings of $400 million as it ends a 73-year-old joint venture with Corning.
CNBC reports that the cuts are part of Dow Chemical assuming full control of Dow Corning, which it established with Corning in 1943. The cuts to 4 per cent of its workforce will be made over two years and silicone factories in North Carolina and Yamakita, Japan will be shut.
“We are moving quickly and effectively to integrate Dow Corning and deliver the synergies that will drive new levels of value creation for our customers and generate even greater returns for our shareholders,” Dow Chemical chairman Andrew Liveris said in a statement.
Dow Jones reports that Corning ended its JV earlier this month, accepting cash and a stake in a semiconductor company.