US-company Dow Chemical cuts bonuses; first time in 100 years

Oil&Gas Materials 13 February 2009 04:26 (UTC +04:00)

The largest US chemical maker Dow chemical will cut its bonuses for the first time in almost 100 years due to the economic crisis and massive financial problems, the company announced Thursday.

The firm's disbursement in the next quarter will be 0.15 dollars, which is only a third of the amount paid last time, dpa reported.

Starting in 1912, the company never had to reduce its bonus. Up to the beginning of this year, Dow Chemical denied it would have to do so.

Last week, Dow Chemical had reported a loss of 1.6 billion dollars in the last quarter of 2008, compared to a 472 million dollar profit in the same period of time the year before.

The company is also struggling to finance the takeover of US- competitor Rohm & Haas after losing financial backing from Kuwait. Dow Chemical and Rohm & Haas are currently fighting in the courts over the deal.