IBM, SAP and Dow are cutting thousands of workers in the latest wave of layoffs as corporations look ahead to a possibly slowing economy.
On Thursday, materials science company Dow said it would cut about 2,000 jobs, or approximately 5% of its global workforce, as part of an effort to reach $1 billion in cost savings this year. The Midland, Michigan-based company currently employs approximately 37,800 people.Dow Inc. will take a charge of $550 million to $725 million in the first quarter related to the measures.
The company also reported a fourth-quarter profit of $613 million, or 85 cents per share. Its adjusted profit was 46 cents per share, below the 57 cents per share that analysts surveyed by Zacks Investment Research were calling for."In the fourth quarter, Team Dow continued to proactively navigate slowing global growth, challenging energy markets, and destocking," Jim Fitterling, chairman and CEO, said in a statement.
"This was a difficult decision, and we are deeply aware of the personal impact of these changes," the Germany-based company said in a statement."We will provide colleagues the care and support they need during this challenging time." SAP said it is also exploring the sale of business software provider Qualtrics four years after it purchased the company.
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