Dow Chemical Co. said Monday it will slash 5,000 full-time jobs - about 11 percent of its total work force - close 20 plants and sell several businesses to rein in costs amid the economic recession.

The company, one of the largest chemical makers in the world, expects the moves to save about $700 million per year by 2010. Dow also will temporarily idle 180 plants and prune 6,000 contractors from its payroll.

Source: AP

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