DOW INC. (DOW): restructuring charge — Dow approves restructuring with 2,000 job cuts, $550-725M Q1 charge

DOW INC.

Global workforce reduction of approx. 2,000 roles; severance costs $330M-$425M.
Q1 2023 charge $550M-$725M includes asset write-downs ($200M-$250M) and exit costs.
Targets $1B in cost savings in 2023 via structural ($500M) and operating expense ($500M) cuts.
Shutting down select assets; further evaluating Europe manufacturing base.
Future cash payments $450M-$550M primarily over next two years.

item 2.05 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

DOW INC. announced a restructuring with charges of $550 million to $725 million (approximately 2,000 roles).

Type: restructuring
Charge: $550 million to $725 million
Headcount: approximately 2,000 roles

Exact text from the filing

The Company will record a charge in the first quarter of 2023 for costs associated with these activities. In total, these costs are expected to be in the range of $550 million to $725 million and will consist of severance and related benefit costs ranging from $330 million to $425 million in connection with a global workforce reduction of approximately 2,000 roles; costs associated with exit and disposal activities ranging from $20 million to $50 million; and asset write-downs and write-offs ranging from $200 million to $250 million.

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Source: SEC EDGAR

accession 0001751788-23-000006

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