(Reuters) - Dow Chemical Co said on Monday it is closing four plants and laying off 900 workers in Europe and North America, part of a plan to slash annual costs by $250 million amid the global economic downturn.
Dow will record $350 million in one-time charges for the closures.
Dow said it will close Styrofoam plants in Illinois, Hungary and Portugal, as well as a Brazilian plant that produces toluene diisocyanate, a chemical needed to make polyurethane.
About $110 million will go to laid-off workers, Dow spokeswoman Rebecca Bentley said. The company has roughly 52,000 workers around the world.
(Reporting By Ernest Scheyder; Editing by Gerald E. McCormick)
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