Dow to take up to $1.1 billion charge in 4Q

AP News
Posted: Oct 30, 2012 1:18 PM

Dow Chemical Co. will record a charge of up to $1.1 billion in its fourth quarter tied to its restructuring plans.

The Midland, Mich., chemical company announced last week that it will close 20 manufacturing facilities and eliminate about 2,400 jobs as a means to cope with the weak global economy.

Dow disclosed in a filing with the Securities and Exchange Commission Tuesday that it expects to record a charge of $900 million to $1.1 billion for these plans, a write-off of some capital spending and a write-down of the assets of a battery joint venture.

Dow is produces materials used around the world, and that breadth leaves the company exposed to shifts in global economic growth. It has struggled with economic weakness in Europe and slower growth in China.