Today Dow will close the sale of its rail infrastructure assets at six North American sites; transaction to close three months earlier than planned and demonstrates best-owner mindset and continued evaluation of non-revenue-generating assets across its global portfolio
Dow Inc. (NYSE: DOW) today outlined the series of actions it will take to achieve previously announced structural cost improvement targets and further enhance its long-term competitiveness as the global economy recovers from the coronavirus pandemic.
As announced during the Company’s second quarter earnings on July 23, 2020, Dow is implementing a restructuring program to reduce its global workforce costs by approximately six percent and to rationalize certain manufacturing assets. These actions are expected to result in total annualized EBITDA savings of more than $300 million by the end of 2021.
Manufacturing asset impacts include:
Industrial Intermediates & Infrastructure will rationalize its asset footprint by shutting down certain amines and solvents facilities
In 2011, then-Mayor Rahm Emanuel argued that Chicago taxpayers are “not an ATM machine” and can’t afford to be the financial backstop for the $660 million renovation of Soldier Field.
The bonds that financed the Soldier Field project are paid off with part of the city’s hotel tax — but that financing package also assumed hotel tax revenue would grow by a rosy 5.5% a year. When it doesn’t, Chicago taxpayers make up the difference.
Emanuel was bracing for a $1.1 million hit that year, though in the end, the city lost just $185,000 of its state income tax revenue. Emanuel dumped three stadium authority board members and ordered their replacements to change the financing structure. But those changes were never made. The city remains on the hook.
Now, it may be time to turn on the ATM machine once again.
The stadium deal, announced in 2001, included a 2-percentage-point