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Andrew N. Liveris

(File | MLive.com)

MIDLAND, MI -- The Dow Chemical Co. plans to cut 500 additional jobs, chairman and CEO Andrew N. Liveris confirmed during a conference call for investors and the media Tuesday, Feb. 2.

Liveris mentioned a goal to save $1 billion in three years, with 2017 being year three.

Eliminating jobs is one money-saving strategy.

"We're increasing our head count reduction target as part of this program by approximately 500 roles, bringing the total program head count reduction to 2,200 roles that will be eliminated," Liveris said during Tuesday's call. "Thus far, we have reduced just over 1,200 roles."

The conference call happened after Dow officials reported the company's fourth quarter and full-year 2015 earnings Tuesday.

Also during that call, Liveris mentioned his plans to "transition out of the company" in less than two years, and the appointment of James "Jim" R. Fitterling as president and chief operating officer.

Dow, a Fortune 50 company based in Midland, has about 53,000 employees worldwide. Last year, company officials announced plans to merge with DuPont in what has been called a "historic transaction."

The result will be a new combined company with a market capitalization of approximately $130 billion called DowDuPont.

DowDuPont subsequently will be separated into three independent, publicly-traded companies: an agriculture company with $19 billion in revenue, a material science company with $51 billion in revenue and a specialty products company with $13 billion in revenue.

At the same time, Dow announced it would fully acquire its joint venture Dow Corning Corp.

During Tuesday's call, Liveris said Dow will close the Dow Corning transaction by mid-year "and deliver the related synergies."

Heather Jordan is a reporter for MLive. She can be reached at 989-450-2652 or hjordan@mlive.com. For more news, follow her on Twitter.