Dow Corning Corp. announced it intends to reduce its global workforce by approximately 500 people in the coming weeks.

According to a company statement, the actions are designed to better align the company's cost structure with the realities of today's volatile global economy.

Dow Corning, a developer and manufacturer of silicon-based materials, employs approximately 12,000 people worldwide.

RELATED: Dow Corning, SUSS MicroTec collaborate on semiconductor packaging solution

The company is facing significant challenges including oversupplied markets, high raw materials costs and slowed growth in many regions.

"Our company's greatest asset is our people and this is a difficult decision to have to make,” said Robert D. Hansen, Cow Corning president and CEO. “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."