CHICAGO, Nov. 2 (Xinhua) -- DowDuPont, the recently combined chemical giant, said on Thursday it planned to shut down some plants in a bid to cut costs up to 3 billion U.S. dollars annually.
A cellulosic ethanol plant in the town of Nevada, the U.S. state of Iowa, is being closed as part of the plan, putting some 90 employees out of work, reported Radio Iowa.
DowDuPont hopes to find a buyer for the Iowa plant.
The world's largest chemical company has announced that it will shrink its global workforce, consolidate facilities and shut down selected assets in a plan aimed at generating cost savings of three billion U.S. dollars over the coming years.
DowDuPont was created this summer by the merger of longtime Dow component DuPont with former rival Dow Chemical. The newly minted giant now plans to split itself into three new companies, focusing separately on agriculture, specialty products and materials science.
It's not disclosed how many jobs would be affected by the workforce shrinking scheme.
"These actions are designed to integrate the organization post-merger and create strong foundations for the three intended companies," DowDuPont said in a statement. Enditem
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