Tue, Nov 24 2009
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Dow Chemical to close 3 Louisiana plants ERNEST SCHEYDERAP Energy Writer Midland, Mich.-based Dow was forced to slash costs and sell assets to pay off its whopping debt load and meet its goal of saving $1.3 billion. It is that volatility that Andrew Liveris, Dow's CEO, wants to ease and he will rely heavily on specialty chemicals to deliver revenue going forward. With the Rohm buyout, Dow's sales are roughly 60 percent specialty chemicals and 40 percent basic chemicals, compared with a previous 52 percent and 48 percent, respectively. The Middle East has taking a larger share of the basic chemicals market, partly because there are vast supplies of crude nearby. Dow has significant operations in the region. The company is building a petrochemical plant in Saudi Arabia with a state-owned oil company. Meanwhile, Dow also said Wednesday that, as part of a previously announced layoff of about 10,000 workers, it would take a charge for 2,500 layoffs. The move is essentially an accounting measure meant to spread out expensive charges. Shares of Dow fell 7 cents to $16.09 in morning trading. The stock has traded between $5.89 and $39.99 in the past 52 weeks. 
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