Dow Chemical to slash 5,000 jobs

BBC - US chemical firm Dow Chemical will cut 5,000 jobs and close 20 plants in an attempt to cut costs because of the global economic downturn.

Dow, one of the world's biggest chemical makers, hopes to make annual savings of $700m (£473m) by 2010.

"We must adjust ourselves to the severity of this downturn," said Dow Chemical's chief executive Andrew Liveris in a statement.

The announced job cut represents 11% of the company's worldwide workforce.