NEW YORK (Reuters) - Dec 8 (Reuters) - Dow Chemical Co said on Monday the company will accelerates implementation of its transformational strategy and will eliminate approximately 5,000 full-time jobs.]

Cars drive past a plant of U.S. chemical producer Dow near the eastern German village of Lippendorf south of Leipzig March 25, 2004. REUTERS/Arnd Wiegmann REUTERS

HIGHLIGHTS

* Says to close 20 facilities in high-cost locations and divest several

non-strategic businesses

* Says job reductions represent a reduction of roughly 11 percent of dow’s

global workforce

* Says actions are expected to result in $700 million in annual operating cost

savings by 2010

* Says reduce its contractor workforce worldwide by approximately 6,000

* Says will temporarily idle approximately 180 plants