Dow Chemical Keeps Cutting

Dow Chemical Co. will close three ethylene plants in Louisiana while cutting outside purchases of the chemical amid lower internal demand due to last year's restructuring plan.

The closings are part of the chemical giant's goal of cutting annual costs $1.3 billion amid its $16.3 billion acquisition of Rohm & Haas in April.

"Today's steps demonstrate our speed and determination to deliver these savings," said Chairman and Chief Executive Andrew N. Liveris.

The latest moves, which are expected to produce $100 million a year in cost savings, are in addition to shutdowns announced last year of four production units in Louisiana and Texas that use ethylene. The company also expects to end purchases of about three billion pounds a year of ethylene from the merchant market.

Read Full Article from Wall Street Journal

- Posted: 2009-07-01 10:29:39

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