Dow Chemical

Jobs Cut: 11,000

Dow Chemical (DOW) announced on Dec. 8 it is cutting 5,000 full-time jobs, or 11% of its global staff, and an additional 6,000 contract workers as it cuts 30% of its total production. Dow is closing 20 plants, selling several businesses and temporarily idling 180 plants. The Midland (Mich.) chemical maker expects the move will save about $700 million a year by 2010. The company expects to spend $700 million for severance payments and plant shutdown costs. "We are accelerating the implementation of these measures as the current world economy has deteriorated sharply, and we must adjust ourselves to the severity of this downturn," CEO Andrew Liveris said in a statement.