Citing weakness in the European economy, Dow Chemical Co. announced it will close four manufacturing plants and lay off 900 workers in order to save approximately $250 million in annual costs.
Three facilities, located in Poland, Hungary, and Charleston, Ill., make Styrofoam brand insulation products. A Styrofoam plant in The Netherlands will be idled. Dow will also close a facility in Brazil that makes toluene diisocyanate (TDI), a chemical used to make polyurethane.
The Illinois plant has about 30 workers, and its operations will be consolidated with a plant in New Jersey, a Dow spokesperson told Reuters news service.
The Midland, Mich.-based company also said it will consolidate certain other assets in its polyurethanes and epoxy businesses. These actions are expected to take place over the next two years.