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道化工亚省工厂将裁员4 k# U+ }* A, {
Dow Chemical's Alberta facilities will see layoffs
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EDMONTON — Some employees at Dow Chemical’s Alberta facilities have been notified they will be laid off but the full extent of the job cuts won’t be known until late next week, a company spokesperson said Wednesday.1 A5 H& H" K0 l
+ D7 I% y' o6 T- uMary-Lea Crawford, public affairs manager for Dow at Fort Saskatchewan, would not say how many layoff notices have been handed out so far.
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H- S) `6 \ x0 p; l) t# zThe cuts are not expected to be as deep as the 11-per-cent target announced by the U.S.-based company in December, she said.
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% s) H# H* L' C; J7 G$ oDow employs about 630 people in Alberta, with 550 in Fort Saskatchewan with the balance at its Prentiss facility near Red Deer.
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7 @& _% V% X* R2 L e% JDow posted weaker-than-expected fourth-quarter results on Tuesday because demand has plummeted in markets such as the construction, electronics and automotives.
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; |/ A% N& _/ G2 ^9 R" @Dow has tried to revamp its earnings profile over the past two years, first by announcing plans to sell a 50- per-cent stake in its cyclical basic plastics business to Kuwaiti investors for more than $9 billion. Then, in July, it announced plans to spend more than $15 billion to acquire Rohm and Haas using proceeds from the joint venture.: K1 z: Y3 b. s3 _) e+ q
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Dow’s plans faltered when Kuwait backed out of the joint venture. Rohm and Haas said its merger agreement with Dow, was not contingent on the Kuwait transaction.0 \. W& ^8 ~4 Y
0 T5 L8 _% ^7 nPhiladelphia-based Rohm and Haas sued Dow in a bid to force the deal to close. Dow filed its response to the lawsuit on Tuesday.+ b" l2 W$ v8 D x; Y9 J: q
% @1 L; U! k+ |! y& i; Z. H& w8 \Dow argued the agreement was not binding, because it was impossible to carry out “without jeopardizing the very existence of both companies.” |
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