Dow Chemical posts fourth-quarter loss of $716 million
The Dow Chemical Co. reported a fourth-quarter 2012 loss of $716 million or 61 cents a share on sales of $13.9 billion.
In comparison, the company posted a fourth-quarter 2011 loss of $20 million or 2 cents a share on sales of $14 billion.
Dow said restructuring charges impacted its most recent quarter's results. In October the company announced plans to close 20 manufacturing plants and eliminate about 2,400 jobs. The company's gum base plant in South Charleston was one of the plants that closed last year, although Dow said in December than all 13 affected employees had been transferred to other jobs. For all of 2012, Dow said it earned $842 million or 70 cents a share on sales of $56.8 billion.