Factory Fallout: Manufacturing layoffs from Dow, Plug Power, Harvard Biosciences and more
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Factory fallout: manufacturing layoffs from dow, plug Power, harvard Biosciences and more. Its latest digest of manufacturers issuing layoffs and shutting down factories includes companies behind hydrogen fuel cells, chemical products and Lincoln Logs. With political winds changing and global markets tightening, manufacturers are making tough decisions - and workers are feeling the impact. In this roundup, Plant Services chronicle the closures and cutbacks reverberating throughout the manufacturing sector. As uncertainty becomes the new normal, Plant Services examine how businesses and workers alike are navigating a rapidly changing industrial landscape. Dow Chemicals announced January 29 that it would lay off 4,500 employees as part of its "transform to outperform" business plan. In a statement released Thursday, the chemicals giant said it expected to spend between $600 to $800 million on severance for cutting roughly 4,500 employees, but that the new business plan would increase earnings before tax by $2 billion a year. Plug Power laid off 74 workers at a manufacturing site in Houston, Texas, in order to cut costs and avoid a reverse stock split. According to local news site Hoodline, the layoffs are just the latest attempt by the hydrogen and fuel cell company to tamp down on expenses after putting out a formal restructuring program in spring 2025. Harvard...
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