Dow Chemical will lay off 2,500 employees, or about 4 percent of its workforce, as part of a deal to assume full control of Dow Corning, which is a joint venture with glass maker Corning, Inc. According to Reuters, Dow will shut down silicon manufacturing plants in North Carolina and Japan as well as other facilities in different locations. Down Chemical first announced the deal for Dow Corning in December, and then said it would merge with DuPont in an all-stock deal. The combined companies were then valued at $130 billion. Dow Chemical raised its annual cost savings estimate for the deal to $400 million.
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