Dow Chemical Co announced on Friday that they will be laying off between 400 and 500 workers near their Midland, Michigan headquarters. The layoffs come as part of their previously announced global layoff plan.

Dow Chemica Co. is the nation’s largest maker of chemicals. Last month, they announced that they would be cutting 5,000 full-time jobs. That equals around 11 percent of their total workforce. They also said they would be closing 20 plants and selling multiple businesses in an effort to cut costs during the global economic recession.

“The decision to reduce jobs is one the company never takes lightly,” said Mike Gambrell, who is the executive vice president of manufacturing and engineering operations and the head of Dow’s restructuring program. “However, the global financial crisis, combined with recent and steep declines in customer demand, have intensified the company’s need to accelerate cost-cutting measures.”

Dow Chemical’s shares fell 3.5 percent during midday trading; down to $11.88. The chemical manufacturers stock hit a year-long low of $11.85 earlier that day.

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