The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Manufacturing Manufacture Of Chemicals And Pharamceuticals Manufacture Of Chemicals And Chemical Products 20 - Manufacture of chemicals and chemical products
2,000 jobs Number of planned job losses
Announcement Date
26 January 2023
Employment effect (start)
26 January 2023
Foreseen end date
Description
Dow Chemical has announced a global restructuring plan to cut 2,000 jobs from it's workforce. The company sites increases in production costs following Russia's invasion of Ukraine, China's COVID-led lockdowns and signs of a global economic slowdown for squeezing demand of Dow's chemicals used in industries ranging from automobiles, food packaging to electronic items. These factors and their loss in revenue during Q3 and Q4 in 2022 has resulted in the company announcing a one billion USD saving plan, of which the job cuts are a part of.
There are no details on where the job cuts will take place of in what departments. However, the company has said they will be concentrated in Europe. The restructuring process for employees and the involvement of social partners has not been announced.
Job cuts in the Netherlands, which are part of this global internal restructuring, have been recorded in the ERM database (Dow Chemical-2023-NL).
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
