Dow to Cut 3,000 Jobs; Profit Rises Sixfold
Dow Chemical Co., the largest U.S. chemical maker, will eliminate 3,000 jobs this year, citing rising costs. The company reported a sixfold increase in first-quarter profit on growing global demand from manufacturers.
Net income rose to $469 million, or 50 cents a share, from $76 million, or 8 cents, a year earlier, the Midland, Mich.-based company said. Revenue climbed 15% to $9.31 billion.
Demand for chemicals such as ethylene, used in plastics and other compounds, and last year’s elimination of 3,500 jobs allowed Dow to recoup higher oil and gas costs by raising prices.
Dow Chemical shares fell $1.25 to $39.67 on the New York Stock Exchange.
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