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.
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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."
