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道化工亚省工厂将裁员& Z1 l, [, q* \8 i! v( B. p9 |5 ~; v( R
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.
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' _- j5 n- m$ r+ |; T; HMary-Lea Crawford, public affairs manager for Dow at Fort Saskatchewan, would not say how many layoff notices have been handed out so far. 5 R* o( n: X6 e f& l) i
; z# Q: K3 Q; J5 aThe 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.
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Dow employs about 630 people in Alberta, with 550 in Fort Saskatchewan with the balance at its Prentiss facility near Red Deer.7 z1 P+ C6 l6 J; i4 d3 `2 x
3 |! X! f; V: e5 b* CDow 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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" Z% m, x) }5 G7 |$ F! _( o" @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.( J; g" v# s) t" E- ^4 C, x& [
2 T. r. l8 r* w H' V- x1 q6 ?/ nDow’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.7 \( O( J8 E4 o
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Philadelphia-based Rohm and Haas sued Dow in a bid to force the deal to close. Dow filed its response to the lawsuit on Tuesday.( R+ I; m* N& b% P) U
E. f0 O) p! ?! cDow 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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