DowDupont Cutting Jobs to Save $3 Billion

The newly merged DowDupont Inc. is cutting workers and closing offices in order to eliminate $3 billion in annual costs at the chemical company.

It's unclear if jobs would be impacted in Midland and across the Great Lakes Bay Region. Spokesman Jarrod Erpelding issued the following statement:

"As a result of the DowDuPont merger, we are building three global leaders and we expect each one to be a major contributor to its local communities with a vibrant global presence and significant level of employment over time.

"Here in the Great Lakes Bay region, the future Materials Science Company - the new Dow - will continued to be headquartered in Midland. It will also maintain a significant manufacturing presence in the Michigan Operations Site, and a large portion of the heritage Dow Corning silicone business, including the silicones products manufacturing site in Auburn, will remain integrated with Michigan Operations. Furthermore - in addition to the Materials Science Company, we are creating two additional strong, independent companies that will have a presence in Michigan as well. Dow will continue to have a leading presence in the region and we will continue to provide our resources, time, talents and people to the Great Lakes Bay Region. We will continue to partner with our community organizations that make our region a great place to live and work.

"Restructuring will occur over a few years and will include natural attrition.

"While there will be near term site consolidation and job impacts as we integrate our operations, we will also expand facilities and add jobs aligned with each division's business strategy. We are already delivering revenue growth that contributes to this type of expansion."

Company officials said its cost-savings target would be achieved through global workforce reductions, consolidating plants, shutting assets and saving on purchases, according to a Detroit News report.

Chief Executive Officer Ed Breen promised shareholders to boost earnings after Dow Chemical and DuPont officially merged at the end of August.