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Dow Corning Announces Reduction in Global Workforce

Published on 2009-02-27. Author : SpecialChem

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.

Dow Corning chairman, president and CEO:

  • "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."
  • "Dow Corning recognizes that this decision affects our most valuable resource, our employees, and their families. While significant and serious, we have been able to keep the reduction of our workforce to these levels by reducing other costs across the company."
  • "We will continue the investments at our Hemlock Semiconductor Group joint ventures. Hemlock Semiconductor Group will not implement the involuntary workforce reduction, as Dow Corning is doing."
  • "We believe the cost and workforce reduction actions Dow Corning is taking are appropriate to address current market conditions."

About Dow Corning:

Dow Corning provides performance-enhancing solutions to serve the diverse needs of more than 25,000 customers worldwide. A global leader in silicones, silicon-based technology and innovation, Dow Corning offers more than 7,000 products and services via the company's Dow Corning® and Xiameter® brands. Dow Corning is a joint venture equally owned by The Dow Chemical Company and Corning, Incorporated. More than half of Dow Corning's annual sales are outside the United States. The Hemlock Semiconductor Group is comprised of two joint ventures of Dow Corning Corporation: Hemlock Semiconductor Corporation and Hemlock Semiconductor, L.L.C.

Source: Dow Corning


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