(ATR) Dow Chemical will eliminate around 1,500 jobs as they spin off their chlorine division.
The company revealed the layoffs via a release on May 4, although the chlorine division had been sold on Mar. 27.
Olin Corporation bought the division from the TOP sponsor for $5 billion, as part of a larger corporate restructuring by Dow. According to a report from Forbes, Dow is spinning off close to $8.5 Billion in assets in total.
"Our productivity efforts continue to center on cost-out actions and doing more with the resources we have in place, all to enable higher earnings," Howard Ungerleider, Dow’s chief financial officer, said in a statement.
"We executed against each of our financial, operational and strategic objectives again in the first quarter, and today’s announcement illustrates our ongoing commitment to the consistent implementation of our strategy moving forward and proactively addresses any stranded costs from the divestment of Dow Chlorine Products."
Dow is expected to take on costs of around $330 million for this quarter, to facilitate the restructuring of the company, the company estimated in a release that the move will save $300 million annually in operating costs going forward.
New McDonald'sHierarchy
McDonald’s is restructuring to fit its vision as a "modern, progressive burger company."
The company released a statement on May 4 with CEO Steve Easterbrook outlining the initial steps in the company’s new "turnaround plan."
Starting Jul. 1, McDonald’s new operational structure will take effect. The new hierarchy will operate under four market segments: the U.S., International Lead Markets, High-Growth Markets, and Foundational Markets.
To lead the new market segments, McDonald’s is promoting Doug Goare of McDonald’s Europe to lead international markets; Dave Hoffmann, president of McDonald's Asia/Pacific, Middle East and Africa (APMEA) to lead high-growth markets; and Ian Borden, chief financial officer of McDonald's APMEA, to lead foundational markets.
"Our new structure will be supported by streamlined teams with fewer layers and less bureaucracy, and our markets will be better organized around their growth drivers, resource needs and contributions to the company's overall profitability," Easterbrook said in a statement.
In addition to the restructuring, McDonald’s aims to refranchise 3,500 restaurants by the end of 2018, reach a goal of $300 million in net annual savings, and deliver around $8 billion to shareholders.
Written by Aaron Bauer
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