Dow Chemical cuts staff at most The fall in the price of chemicals caused by a sharp drop in oil prices has caused the multinational chemical giants in the financial crisis to suffer. Dow, 3M and DuPont, the three international multinational corporations, announced large-scale layoffs at the same time yesterday to cope with financial and chemical double snowstorms.
Among the three companies that announced layoffs, Dow Chemical has the highest total number of layoffs. The world's largest chemical company said that it will undergo a transformation in January 2009, lay off 5,000 full-time jobs, and close 20 production facilities in high-cost areas and sell a number of non-strategic businesses. Dow Chemical stated that layoffs and closing factories are part of its efforts to accelerate the cutting of high-cost assets and to get rid of the centralized structure. After the measures are fully implemented, it is expected to save $700 million in operating costs annually by 2010.
A Dow Chemical China spokesperson said that 5,000 people are equivalent to 11% of Dow's global workforce and it is not known how many Chinese companies are involved in this layoff. Dow Chemical has annual sales of 54 billion U.S. dollars and employs 46,000 people worldwide.
Compared to the 5,000 layoffs of the Dow, DuPont wants to ease a bit.
DuPont issued a statement yesterday, in response to the decline in the indicators, DuPont plans to lay off 4.2%, about 2,500 employees, while closing down 10 factories and reduce the operating rate of more than 100 factories. DuPont indicated that due to the weakened demand in the automotive and construction sectors, its share price per share in the fourth quarter will be a loss of 20-30 cents.
According to media reports, DuPont will lay off about 2,500 people, most of which come from the US and European companies in the automotive and construction market sectors. In addition, the work of about 4,000 contract workers may also be unstable, and the remaining employees' working hours will be reduced to save some expenses. After the "downsizing," DuPont will have an additional $125 million in earnings in 2009, equivalent to 10 cents per share.
On the morning of December 9, 3M announced that it would lay off 2,300 people in the fourth quarter, and lowered its 2008 profit forecast.
Yesterday, Yu Junxiong, managing director and general manager of 3M Greater China, said in an interview with China Business News that in the next few years, 3M's sales growth in China will still be in double digits. "The company does not have a layoff plan, but The expenditure is really tightening."
Yu Junxiong said in an exclusive interview with this reporter: “Looking back at the situation in 1978, China’s performance was very satisfactory to the parent company.†For example, he said, 3M has invested 100 million US dollars annually in China since 2002. This investment plan will continue in 2009. “Before, the average sales growth in China every year was above 25%.â€
A fund researcher told the China Business News that an important reason for the large-scale layoffs of chemical giants was that companies should pursue the maximization of current profits. “Only the closure of factories and layoffs can save this cost. This can be achieved. In fact, human capital accounts for chemical industry. The overall cost of the enterprise is not high, and the chemical industry is still a capital-intensive company. In addition, the demand is weakened and the operating rate is generally reduced.â€
Among the three companies that announced layoffs, Dow Chemical has the highest total number of layoffs. The world's largest chemical company said that it will undergo a transformation in January 2009, lay off 5,000 full-time jobs, and close 20 production facilities in high-cost areas and sell a number of non-strategic businesses. Dow Chemical stated that layoffs and closing factories are part of its efforts to accelerate the cutting of high-cost assets and to get rid of the centralized structure. After the measures are fully implemented, it is expected to save $700 million in operating costs annually by 2010.
A Dow Chemical China spokesperson said that 5,000 people are equivalent to 11% of Dow's global workforce and it is not known how many Chinese companies are involved in this layoff. Dow Chemical has annual sales of 54 billion U.S. dollars and employs 46,000 people worldwide.
Compared to the 5,000 layoffs of the Dow, DuPont wants to ease a bit.
DuPont issued a statement yesterday, in response to the decline in the indicators, DuPont plans to lay off 4.2%, about 2,500 employees, while closing down 10 factories and reduce the operating rate of more than 100 factories. DuPont indicated that due to the weakened demand in the automotive and construction sectors, its share price per share in the fourth quarter will be a loss of 20-30 cents.
According to media reports, DuPont will lay off about 2,500 people, most of which come from the US and European companies in the automotive and construction market sectors. In addition, the work of about 4,000 contract workers may also be unstable, and the remaining employees' working hours will be reduced to save some expenses. After the "downsizing," DuPont will have an additional $125 million in earnings in 2009, equivalent to 10 cents per share.
On the morning of December 9, 3M announced that it would lay off 2,300 people in the fourth quarter, and lowered its 2008 profit forecast.
Yesterday, Yu Junxiong, managing director and general manager of 3M Greater China, said in an interview with China Business News that in the next few years, 3M's sales growth in China will still be in double digits. "The company does not have a layoff plan, but The expenditure is really tightening."
Yu Junxiong said in an exclusive interview with this reporter: “Looking back at the situation in 1978, China’s performance was very satisfactory to the parent company.†For example, he said, 3M has invested 100 million US dollars annually in China since 2002. This investment plan will continue in 2009. “Before, the average sales growth in China every year was above 25%.â€
A fund researcher told the China Business News that an important reason for the large-scale layoffs of chemical giants was that companies should pursue the maximization of current profits. “Only the closure of factories and layoffs can save this cost. This can be achieved. In fact, human capital accounts for chemical industry. The overall cost of the enterprise is not high, and the chemical industry is still a capital-intensive company. In addition, the demand is weakened and the operating rate is generally reduced.â€
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