Dow Chemical Co. says it lost $1.55 billion in the fourth quarter, due in large part to restructuring costs including its decision to slash 11% of its work force and a 23% drop in sales amid a global slump. The loss was larger than expected, and revenue came in below Wall Street expectations. Dow Chemical shares fell 45 cents, or 4.1%, to $10.50 in pre-market trading.
Andrew N. Liveris, Dow’s chairman and chief executive, says while the economic recovery could be rapid this year, “We are planning for a global recession throughout 2009 and will continue to take actions on managing our cash and controlling our costs with the same intensity that we demonstrated in the fourth quarter.” The company announced Friday it would lay off 160 workers at its Plaquemine plant and 110 more at a facility in Hahnville.
