MIDLAND, Mich. (Michigan News Source) – Midland-based Dow announced a $1 billion cost saving measure which will also reduce its overall workforce by 2,000 employees.

That would reduce their team by 5%, which currently employs nearly 38,000 people.

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Company officials stated the reason for the cuts is “near-term macroeconomic uncertainty.”

The job cuts are part of a larger plan that includes structural improvements of $500 million and operating expense reductions of $500 million, according to the release.