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道化工亚省工厂将裁员( k: a6 H( ~$ ?7 h8 [* X
Dow Chemical's Alberta facilities will see layoffs
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EDMONTON — Some employees at Dow Chemical’s Alberta facilities have been notified they will be laid off but the full extent of the job cuts won’t be known until late next week, a company spokesperson said Wednesday.% q3 {, ^" y0 B# q/ b% R
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Mary-Lea Crawford, public affairs manager for Dow at Fort Saskatchewan, would not say how many layoff notices have been handed out so far. / }/ Y0 Q2 e5 Q$ ^4 |7 d5 Z
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The cuts are not expected to be as deep as the 11-per-cent target announced by the U.S.-based company in December, she said.0 i; r$ D5 G% T- i+ u i
4 v* x4 `* G3 ^$ {1 c, Y- JDow employs about 630 people in Alberta, with 550 in Fort Saskatchewan with the balance at its Prentiss facility near Red Deer.* w( h- @- d: v, C+ h
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Dow posted weaker-than-expected fourth-quarter results on Tuesday because demand has plummeted in markets such as the construction, electronics and automotives.
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Dow has tried to revamp its earnings profile over the past two years, first by announcing plans to sell a 50- per-cent stake in its cyclical basic plastics business to Kuwaiti investors for more than $9 billion. Then, in July, it announced plans to spend more than $15 billion to acquire Rohm and Haas using proceeds from the joint venture.2 ^- s! ~' ~1 e( r9 P+ j+ ?
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Dow’s plans faltered when Kuwait backed out of the joint venture. Rohm and Haas said its merger agreement with Dow, was not contingent on the Kuwait transaction.4 D6 a& ^% E' |' @6 i: n0 C, m
1 Z& e2 Y/ N3 H/ XPhiladelphia-based Rohm and Haas sued Dow in a bid to force the deal to close. Dow filed its response to the lawsuit on Tuesday.0 I0 n( j" C q L2 D5 H7 m0 F+ ?
* R3 Y/ Z8 E( F. A# iDow argued the agreement was not binding, because it was impossible to carry out “without jeopardizing the very existence of both companies.” |
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