Latest news with #JimFitterling
Associated Press
2 days ago
- Business
- Associated Press
Advancing Dow's Ambition: 2024 Progress Report
Team Dow remains agile and focused on taking proactive actions to improve profitability in the midst of persistent macroeconomic challenges, while delivering value to our customers, shareholders, and society. In 2024, we made meaningful progress to answer customer demands for sustainable products, reduce greenhouse gas (GHG) emissions and drive circularity. Our high-performance culture enabled Team Dow to help advance the materials science industry and create stronger communities. Our best-in-class governance enhanced transparency and continued to foster a culture of integrity and alignment with shareholder interests. Inside this report you will find examples of the many ways we continue to advance our ambition. Every day, Team Dow strives to deliver a sustainable future and create long-term value for all our stakeholders. Here are a few highlights of our progress in 2024. Protecting the climate In 2024, we continued to implement our Decarbonize & Grow strategy and launched our Water & Nature strategy. Both are critical for long-term business growth. Path2Zero projectWater & Nature strategyCarbon Footprint Ledger Learn more about how we help protect the climate Advancing a circular economy and safer materials Our capital-efficient approach with industry-leading partnerships is expanding our portfolio of high-value, sustainable products that meet customer demand. acquiring Circulus, a U.S.-based mechanical recyclerREVOLOOP™ Recycled Plastics ResinsMaizeCare™ Clarity Polymer Discover how we are driving towards a circular economy Learn about our approach to safer materials Cultivating a thriving team and communities We continue to advance a culture that enables our people, our Company, and our communities to grow and thrive. Great Place To Work® and FORTUNE as one of the 25 World's Best Workplaces™ Learn more about Team Dow Learn more about the communities we help support Accountability in Action We conduct business according to Dow's values while strengthening our governance practices to promote good decision-making and a culture of integrity to create long-term value for our shareholders. Learn more about our business practices About the author Jim Fitterling is Chair and Chief Executive Officer for Dow Inc., a global materials science company with 2024 sales of approximately $43 billion. He became CEO in July 2018 and was elected Board Chair in April 2020. Fitterling led Dow's transformation from a lower-margin, commodity company to one deeply focused on higher-growth markets that value innovation – with the ambition to be the most innovative, customer-centric, inclusive, and sustainable materials science company in the world. Fitterling is a leading voice in sustainability; a strong advocate for a circular and net-zero emissions economy; and vocal champion for inclusion. View original content here. DowDow (NYSE: DOW) is one of the world's leading materials science companies, serving customers in high-growth markets such as packaging, infrastructure, mobility and consumer applications. Our global breadth, asset integration and scale, focused innovation, leading business positions and commitment to sustainability enable us to achieve profitable growth and help deliver a sustainable future. We operate manufacturing sites in 30 countries and employ approximately 36,000 people. Dow delivered sales of approximately $43 billion in 2024. References to Dow or the Company mean Dow Inc. and its more about us and our ambition to be the most innovative, customer-centric, inclusive and sustainable materials science company in the world by visiting Visit 3BL Media to see more multimedia and stories from Dow
Fashion United
3 days ago
- Business
- Fashion United
Dow to close three upstream European assests
Dow, a leading material science company, is set to close three upstream assets in Europe in response to structural challenges it is currently facing in the region. The decision is a follow-up to the European asset actions first published in April 2025 and has been approved by the Board of Directors. The three assets that will shut down include one in the packaging & specialty plastics category, specifically the ethylene cracker, located in Böhlen, Germany, and one in industrial intermediates & infrastructure, a chlor-alkali & vinyl (CAV) asset in Schkopau, Germany. Both are expected to shut down in the fourth quarter of 2027. The last asset to close, falling in the performance materials & coatings sector, is the basics siloxanes plant located in Barry, UK, which is expected to shutter mid-year 2026. The decision to close these assets is said to be a strategic move aimed at aligning regional capacity with market realities. The closures will reduce exposure to merchant sales and phase out higher-cost, energy-intensive operations within the company's European portfolio. In addition, the restructuring is expected to enhance Dow's ability to meet demand for higher-margin derivatives while improving overall profitability and operational efficiency across the region. "Our industry in Europe continues to face difficult market dynamics, as well as an ongoing challenging cost and demand landscape," said Jim Fitterling, Dow's chair and CEO, in a statement. "Over the past decade, we have demonstrated Dow's commitment to operating with a best-owner mindset by taking proactive actions across higher-cost or non-strategic assets." "Looking ahead, we remain committed to realizing the value of our incremental growth investments and enhancing profitability and cash flow through more than 6 billion USD in near-term cash support." Dow previously identified three European assets across all business segments for potential closure in April this year. Following this, on June 30, the Board approved a broader restructuring plan to streamline the company's global asset base, including these sites and select corporate holdings. The shutdowns are expected to start sometime in mid-2026 and conclude by late 2027, with decommissioning possibly extending into 2029. These decisions are projected to deliver a 200 million USD annual Operating EBITDA benefit, reaching 50 percent of that target by the end of 2027 and full impact by 2029. Dow anticipates spending approximately 500 million USD over four years to execute the plan. The company expects to record charges between 630 million USD and 790 million USD, covering non-cash asset impairments and cash costs related to asset disposals, severance, and benefits. Around 800 positions will be affected, in addition to the 1,500 global roles impacted by the 1 billion USD cost-saving initiative announced earlier in January.
ITV News
5 days ago
- Business
- ITV News
Hundreds set to lose their jobs at Dow's Barry chemical factory
Hundreds of people will lose their jobs at a chemical factory in Barry, Vale of Glamorgan. Dow, who run the site, has confirmed 220 people will be let go after announcing the potential for job cuts earlier this year. In a statement, Dow said it "will shut down the basic siloxanes operations at its Barry, U.K. site...." It continued: "As part of the consultation process with employees and union representatives, Dow has taken steps to reduce the number of roles affected from 291 to approximately 220, to be phased out over the next three to four years." Job cuts are expected to begin in mid-2026. The company acknowledged it is "difficult news for its employees and the local community". It added: "This decision is in no way a reflection on the Barry team, who have shown tremendous professionalism and dedication. "The Barry site remains a vital part of Dow's operations. While basic siloxanes production will cease, specialty silicones manufacturing will continue, supporting key industries such as automotive, electronics, energy, construction, and personal care." The company, which produces a wide range of silicon products, has wholly owned the Barry site since 2016 and now employs 850 people on a 160-acre site. Dow has manufacturing sites in 30 countries, employs around 36,000 people globally and was among the three largest chemical producers in the world in 2021. However, it says cheap competition from abroad is behind the cuts. Its board has also approved cuts at two of its other European sites, both in Germany. Jim Fitterling, Dow chair and CEO said: "Our industry in Europe continues to face difficult market dynamics, as well as an ongoing challenging cost and demand landscape. "Over the past decade, we have demonstrated Dow's commitment to operating with a best-owner mindset by taking proactive actions across higher-cost or non-strategic assets. "Looking ahead, we remain committed to realising the value of our incremental growth investments and enhancing profitability and cash flow through more than $6 billion in near-term cash support." The union Unite described the move as "devastating" but said negotiations it had had with Dow meant fewer jobs losses. Initially almost 300 jobs were at risk but now that number is 220 - with almost 150 of these voluntary redundancies. Unite Regional officer Anthony Simpson said: "Unite's hard work in negotiations has managed to save some of the jobs at risk and ensure that those who are being made redundant receive enhanced packages. "However, going forward we need to ensure there is government support for retraining across the board. We need a proactive industrial strategy that underpins our manufacturing industry to ensure there is decent future employment in the Barry area."
Fibre2Fashion
5 days ago
- Business
- Fibre2Fashion
Dow plans asset shutdowns in Europe to boost margins
Dow (NYSE: DOW) announced that, as a follow-up to the European asset actions first announced in April 2025, its Board of Directors has approved the shutdown of three upstream assets in Europe, in addition to certain corporate and other assets across the Company's global asset footprint: Dow will shut down three upstream assets in Europe and other global assets to optimise margins and cut costs. Sites include Bí¶hlen, Schkopau, and Barry, with shutdowns starting mid-2026. The move targets a $200 million EBITDA uplift by 2029, with $500 million in cash outlay and charges of $630â€'790 million. Around 800 roles will be impacted. Packaging & Specialty Plastics : Ethylene cracker in Böhlen, Germany; shutdown expected in 4Q27 : Ethylene cracker in Böhlen, Germany; shutdown expected in 4Q27 Industrial Intermediates & Infrastructure : Chlor-alkali & vinyl (CAV) assets in Schkopau, Germany; shutdown expected in 4Q27 : Chlor-alkali & vinyl (CAV) assets in Schkopau, Germany; shutdown expected in 4Q27 Performance Materials & Coatings: Basics siloxanes plant in Barry, U.K.; shutdown expected mid-year 2026 The shutdown of upstream assets in Europe will right-size regional capacity, reduce merchant sale exposure, and remove higher-cost, energy-intensive portions of Dow's portfolio in the region. This will improve our ability to supply profitable derivative demand and optimize margins. "Our industry in Europe continues to face difficult market dynamics, as well as an ongoing challenging cost and demand landscape," said Jim Fitterling, Dow chair and CEO. "Over the past decade, we have demonstrated Dow's commitment to operating with a best-owner mindset by taking proactive actions across higher-cost or non-strategic assets. Looking ahead, we remain committed to realizing the value of our incremental growth investments and enhancing profitability and cash flow through more than $6 billion in near-term cash support." In April 2025, the Company announced it had identified three assets in Europe for action across all of its operating segments. On June 30, 2025, Dow's Board of Directors approved restructuring actions to rationalize the Company's global asset footprint, including these three assets as part of its European review, and certain corporate and other assets. Dow's actions to shut down these assets will result in an Operating EBITDA uplift beginning in 2026, ramping to 50% of the approximate $200 million target by year-end 2027 with full delivery by 2029, with a cash outlay of approximately $500 million over four years. As a result of these actions, the Company will record charges ranging from $630 million to $790 million, for both non-cash items—such as asset write-downs and write-offs—and cash items, such as exit and disposal of assets, as well as severance and related benefit costs. The shutdown of the assets is expected to begin in mid-2026 and is estimated to be complete by the end of 2027, with potential decommissioning and demolition to continue into 2029 as needed. Approximately 800 Dow roles will be impacted as a result of these actions. These roles are in addition to the $1 billion cost savings actions announced in January that included a workforce reduction of approximately 1,500 Dow roles globally. Note: The headline, insights, and image of this press release may have been refined by the Fibre2Fashion staff; the rest of the content remains unchanged. ALCHEMPro News Desk (HU)
BBC News
5 days ago
- Business
- BBC News
Barry Dow chemicals factory to cut 291 jobs
A chemicals company has confirmed 291 jobs will be lost as it closes part of its factory in south factory in Barry, Vale of Glamorgan, has been producing chemicals since the 1940s, but Dow said the decision had been taken "in response to structural challenges in the region".The plant makes siloxanes - chemical compounds made of silicone and oxygen that are the building blocks of the silicones found in sealants and areas of the operation in the factory will be unaffected but two of the firm's other European sites - both in Germany - will also be subject to cuts, bringing the total jobs lost to 800. The shutdown is expected to begin in mid-2026 and is set to be finished by the end of 2027, "with potential decommissioning and demolition to continue into 2029 as needed".This announcement follows £736m ($1bn) of cuts announced by Dow in January, resulting in a workforce reduction of about 1,500 roles chairman and CEO Jim Fitterling said: "Our industry in Europe continues to face difficult market dynamics, as well as an ongoing challenging cost and demand landscape." The cuts to the three sites, including Barry, were first proposed in April and, on 30 June, Dow's board of directors approved Unite union, which represents workers in Barry, previously criticised the move as "outrageous", adding it would have a "devastating" impact on 850 people work at the site, which has been wholly owned by the American chemicals company since 2016.
