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Stavropoulos plans cost-saving cuts at Dow.

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| December 20, 2002 | COPYRIGHT 2002 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Chemical Business NewsBase - Plastics News)

William Stavropoulos is wasting no time in his second spell as CEO at Dow Chemical Co. Less than a week after taking the place of Michael Parker, he announced plans that could mean plant closures and job cuts in efforts to save over $1 bn in cash flow in 2003. No details were available about the effect on individual business units or plants. Dow's sales for Jan-Sep 2002 were down over 4% at $20.5 bn and pretax profits were flat at around $1.2 bn. Plastics-related businesses accounted for about half of Dow's total sales in the period. Stavropoulos' plans call for a ...

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