One of the biggest chemical makers globally, Dow Chemical Co., has announced plans to eliminate about 11% of its total payroll, or about 5,000 jobs. The firm also plans to close 20 plants, idle 180 plants, fire 6,000 contractors, and sell smaller businesses as part of an effort to save $700 million annually by 2010. The significant measures are a response to "extremely challenging times" according to company executives.
See "Dow Chemical to Cut 5,000 Jobs and Close 20 Plants", The New York Times, December 7, 2008