Dow Chemical to close 3 Louisiana plants
Dow Chemical to close 3 Louisiana plants as company moves further into specialty chemicals
- On Wednesday July 1, 2009, 9:19 am EDT
MIDLAND, Mich. (AP) — Dow Chemical will close three Louisiana plants as the company shifts away from basic chemicals and more toward the lucrative business of specialty chemicals, the company said Wednesday Dow has said it will cut about 2,500 jobs as part of a restructuring that came with the acquisition of rival Rohm & Haas. About 100 jobs, part of that restructuring, will be cut with the closure of the plants, but most employees will be offered jobs elsewhere. The plants that will be closed make ethylene, which is used in everything from packaging to plastic bags. The company bought rival Rohm & Haas in April for more than $16 billion, a deal that added massive amounts of debt to its balance sheet, but gave the company a strong position in the specialty chemicals market. Dow says closing the plants will lead to savings of more than $100 million a year, part of a multibillion-dollar restructuring.Shares of Dow rose 6 cents to $16.20 in premarket trading.
From Yahoo Finance
Good to see our razor Sharp local media is right on top of this one….not! (in their defense there is nothing in the WSJ yet either but WSJ is now owned by fox so what do you expect). Well at least we made a bold step this legislative session to fully fund education to cultivate the resources that will attract ‘new economy’ type business’ to our state ….DOH! People are short sited to the extreme here and believe lower taxes cure allllllllll evils. Well now that it is becoming clear that we no longer have a competitive advantage in the petro-chemical industry and due to our refusal to make sacrifices to be competitive in any other business (i.e. our whole state is perpetually uneducated barefoot and pregnant) what the hell are we going to do? Should we apply to become a vassal of Texas…… =X
Edit: looks like the advocate is on it now. It also looks like origanal artical was not exactly right, the artical in the advocate says it is simply ‘units’ of certain plans and not entire plants