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FOX 66 News at Ten
Dow Corning expected to lay off 500 workers
Dow Corning Corporation, a leading developer and manufacturer of silicon-based materials, is expected to lay off as many as 500 workers globally in the coming weeks.
Dow Corning employs about 12,000 people globally, so it is unsure what impact this will have among the company's facility in Midland.
Company President and CEO Robert D. Hansen said in a statement, "Our company's greatest asset is our people, and this is a difficult decision to have to make. We are taking steps to ease the transition of affected employees and understand there are a lot of talented, hard-working people leaving our team."
Hansen continued, stating that "Dow Corning has added significant professional capability and resources in support of expected and sustained growth in recent years. Since that growth didn't materialize as expected, it was necessary to re-evaluate those investment decisions given the state of the global economy."
The cuts will mostly come from the professional ranks of the company through an involuntary separation program. It does look like manufacturing jobs may be safe for the time being. The company is dealing with oversupplied markets, high material costs and slow growth.
WNEM will continue to follow this story and provide updates as soon as more information comes into the newsroom.
Copyright 2013 WNEM (Meredith Corporation). All rights reserved.
Thursday, January 10 2013, 08:45 AM EST
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