To help ensure it meets its targeted cost synergy targets, Dow Chemical Company DOW announced it will lay off approximately 2,500 employees globally. This represents about 4 percent of its workforce.
As part of a deal to take over Corning Incorporated GLW, maker of Gorilla Glass, Dow Chemical said the layoffs would help the company achieve its target cost synergy run rate of 70 percent within a year of closing the deal, and 100 percent within two years.
Dow announced the Corning deal in December, along with another deal to merge with E. I. Du Pont de Nemours and Company DD.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.