Dow Chemical to cut 900 jobs, close plants

Dow will shut down three plants that produce its styrofoam brand insulation products located in Estarreja, Portugal; Balatonfuzfo, Hungary; and Charleston, Illinois; and idle a plant in Terneuzen, The Netherlands. Dow will also close its toluene diisocyanate (TDI) plant in Camaçari, Brazil.

In addition to these closures, Dow will consolidate certain other assets in its polyurethanes and epoxy businesses. These actions are expected to take place over the next two years.

"These actions, while difficult, are in full alignment with our commitment to continually manage our portfolio to adapt to changing and volatile economic conditions, as we are seeing particularly in Western Europe, and to preferentially invest in our fast-growing, technology-rich businesses," said Andrew N. Liveris, Dow's chairman and chief executive officer. "Today's announcement further demonstrates our resolve and ability to take swift, strategic cash flow interventions that will keep Dow solidly on a trajectory to deliver $10 billion in EBITDA in the near term."