Dow posts $1.55 billion loss
February 4, 2009
MIDLAND, MI — Dow Chemical Company posted a fiscal fourth quarter loss of $1.55 billion, according to an Associated Press story hosted by Google.com.
The staggering loss is due in large part to restructuring costs including the decision to slash 11 percent of their workforce and a 23 percent drop in sales, the story stated.
Andrew N. Liveris, Dow''s chairman and chief executive, said: "With a global economic crisis unfolding during the quarter, we responded with speed and urgency to get ahead of the demand destruction that continued to accelerate as we approached the end of the year. We immediately put in place a full array of aggressive cash generation and cost and capital control measures that delivered results. We remain intensely focused on those actions that we can control and will continue to do so throughout 2009."
Sales fell to $10.9 billion, down from $14.2 billion in the year-ago quarter, the story noted.
Total 2008 earnings were $579 million, significantly lower when compared to $2.89 billion in earnings for 2007, the story added.
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