Dow Chemical (DOW) Cuts, The Worst Press Release Of The Year

What a great way to fire people. Dow Chemical (DOW) chopped 5,000 full-time people and cut 6,000 contractors. Its press release on the plans said the firm was announcing "a series of aggressive actions to accelerate its transformational strategy in light of current economic realities." Transforming all those people out of work.

The chemical outfit it would also close 20 facilities in high-cost locations and divest several non-strategic businesses. Dow will temporarily idle approximately 180 plants. Once fully implemented, these actions are expected to result in $700 million in annual operating cost savings by 2010.

Douglas A. McIntyre