"Dow plans to cut 11% of workforce; Chemical firm to also shut facilities" by Bloomberg News | December 9, 2008
NEW YORK - Dow Chemical Co., the largest US chemical maker, rose the most in more than a month in New York trading after it said it plans to eliminate 11 percent of its workforce, close plants, and sell businesses.
Dow soared $1.37 to $20.37 in New York Stock Exchange composite trading....
Job cuts = stock rise, huh? Pfffffttt!
Chief executive Andrew Liveris yesterday outlined plans to cut 5,000 jobs, permanently shut 20 facilities, temporarily idle 180 plants, and reduce the company's contractor workforce by about 6,000. Dow joins DuPont Co. and BASF SE in slashing output as the global recession reduces demand for materials used to make houses, appliances, automobiles, and packaging....
DuPont, the third-biggest US chemical maker, last week said it will close plants at 10 production sites, idle 100 factories, and eliminate 4.2 percent of its workforce. BASF, the world's biggest chemical company, is shutting 80 factories and reducing production at 100 more....
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