Dow plans to close small paint plants! Shut down some amine and solvent production facilities!

Recently, Dow Chemical has now formulated measures to achieve the expected structural cost of the target.
U.S. chemical company, which has emerged from the DuPont giant, said its goal was to "further enhance its long-term competitiveness as the global economy recovers from the new coronavirus epidemic".
, which employs 36,500 people in 109 plants in 31 countries, will cut about 6 percent of its global workforce (about 2,190) to rationalize some of its production assets and achieve EBITDA annual savings of more than $300 million by the end of next year, according to second-quarter data released in July.
Dow Chemical announced a more determined plan on the eve of the fourth quarter to close "certain" amine and solvent production facilities in the U.S. and Europe that are part of Dow's industrial intermediates and infrastructure business unit.
In terms of performance materials and coatings, Dow said it would close manufacturing plants, mainly small paint reactors, and adjust its upstream asset footprint in Europe, the United States and Canada by adjusting the supply of silica and metallic silicon to "balance regional demand".
the company did not say whether it was simply planning to reduce production or close any facilities. Jim Fitterling, chairman and chief executive of
, again stressed that "the global economy is expected to recover gradually from the 2019 neo-crown virus outbreak, but the recovery is uneven", saying the company would "continue to focus on delivering strong cash flow, strengthening its financial position and maximizing operational advantages."
," he added, "as the market environment improves, we will continue to grow well for significant growth."
" Dow Chemical will include costs associated with restructuring activities in its third-quarter results, which management expects to total between $500 million and $600 million.
this would include severance and related welfare costs, as well as costs related to exit and disposal activities, as well as asset write-downs and write-offs.
dow chemicals stressed that the company will achieve operating costs savings of $500 million by the end of 2021, in addition to the restructuring plan.
said the company would still meet its $1.25 billion capital spending cut target by 2020, down from $2 billion in 2019.
, Dow Chemical confirmed it would complete the sale of six of its North American rail infrastructure assets to Watco three months ahead of schedule, with cash in exchange for more than $310 million.
the chemical maker also plans to divest some of its shipping and terminal operations and assets from Vopak Industrial Infrastructure Ameri, a new $620m joint venture between Royal Vopak and BlackRock's Global Energy and Power Infrastructure Fund at a 50:50 ratio.
capacity of these terminals is 825,000 cubic meters, located in Freeport, Texas, and St. Charles and Praquemin, Louisiana, respectively.
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