06:19 AM EST, 01/30/2025 (MT Newswires) -- Dow (DOW) said Thursday it plans to eliminate roughly 1,500 positions globally as part of its $1 billion cost-cutting measure.

Under the plan, the company intends to cut direct costs by $500 million to $700 million, mostly focused on purchased services and third-party contract labor, it added.

Dow said it will report a charge of $250 million to $325 million in Q1 for expenses associated with these activities.

Shares of Dow were up 2.4% in recent Thursday premarket activity.