Dow is cutting about 2,000 jobs, or 5% of workforce

Materials science company Dow is cutting about 2,000 jobs, or approximately 5% of its global workforce, as part of an effort to reach $1 billion in cost savings this year. The Midland, Michigan-based company currently employs approximately 37,800 people. Dow Inc. will take a charge of $550 million to $725 million in the first quarter. This mostly includes severance and related benefit costs; costs related to exit and disposal activities and asset write-downs and write-offs.