Dow Chemical has announced today that it would lay off about 4% of its workforce, or 2,500 employees, globally.
CNBC reports the layoff is part a deal to assume full control of Dow Corning, a joint-venture with Gorilla glass maker Corning.
“We are moving quickly and effectively to integrate Dow Corning and deliver the synergies that will drive new levels of value creation for our customers and generate even greater returns for our shareholders,” says Andrew Liveris, Dow Chemical Chairman and CEO, in a statement.
The restructuring will result in Dow Chemical capturing $500 million in combined synergies, adding it will also lead to the shutdown of multiple silicon manufacturing facilities.
Dow Chemical also says it raised its annual cost savings estimate for the deal to $400 million from $300 million.
The company says it was also targeting $100 million in growth synergies.
