Dow Inc.'s stock $(DOW)$ rose 2% early Thursday, after the material-sciences company said it's cutting 1,500 jobs as part of a cost-reduction program that aims to save $1 billion in savings.
The company employs about 36,000 people around the world.
The company is targeting $500 million to $700 million in direct cost cuts, mostly of purchased services and third-party contract labor.
"While these decisions are difficult, we must continue to take proactive actions to reduce costs while we navigate through this ongoing slower-than-expected macroeconomic recovery," said Jim Fitterling, Dow chair and CEO, in prepared remarks.
-Ciara Linnane
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(END) Dow Jones Newswires
January 30, 2025 06:17 ET (11:17 GMT)
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