The Dow Chemical Company has announced job cuts.

The Dow Chemical Company, a US chemical company, has announced plans to cut 1,000 jobs and close plants and facilities in order to improve efficiency and cost effectiveness.

In the long term, it is expected that the cuts will lead to savings of US$180 million a year.

Andrew N. Liveris, Chairman and Chief Executive Officer of Dow Chemical, said: “Today’s announcement reflects our commitment to prune businesses that are not delivering appropriate value and tackle tasks more efficiently across the entire organisation … freeing up capital and resources that will be re-directed toward value-creating growth opportunities.

“Our focus on financial discipline and low cost to serve remains as sharp as ever, and we will continue to seek ways to refine our organisational structure, asset base and business portfolio to ensure Dow’s competitiveness on the world stage.”

Among the plants and facilities to close are Dow’s automotive sealers businesses in North America, Asia Pacific and Latin America; the company’s styrene plant in Brazil; and its subsidiary polypropylene facility in Louisiana.

The Dow Chemical Company caters for customers in over 175 countries, employs around 43,000 people and currently has annual sales of $49 billion. One of its most recognised products is STYROFOAM, an insulating material used by over two million households in North America alone.

It has recently signed a memorandum of intent with Moscow-based Gazprom, the world’s largest gas company, regarding a joint venture in the sphere of hydrocarbons processing.