Dow to cut 5 percent of workforce, reduce spending

Dow Chemical Co said on Tuesday it plans to cut 5 percent of its global workforce and shutter 20 of its plants as part of a restructuring program it hopes will save it $500 million a year.

The company said the cuts will result in a loss of around 2,400 positions worldwide.

It also plans to cut back capital spending and investment in programs that are no longer a priority. It said those cuts should save it an additional $500 million.

Dow said it will take fourth-quarter charges of around 50 cents to 60 cents per share for asset impairments and write-offs, severance and other costs related to the measures.

(This story corrects to Tuesday in first paragraph)

(Reporting By Michael Erman)