(plastermart) -- Dow Chemical permanently closed its extruded foam polystyrene plants at Estarreja, Portugal and Balatonfuzfo, Hungary, at the end of September. Dow will continue to supply products to customers from the remaining stocks.
In April, Dow announced that as part of a drive to reduce costs it would close five petrochemical plants across Europe, North America and Latin America over the next two years.
The other XPS facilities earmarked for closure are located in Terneuzen, the Netherlands and in Charleston, Illinois. Dow will also close its toluene diisocyanate plant in Camacari, Brazil.
The move was in response to continued weakness in the European economy, the company said, as part of its previously announced cost-reduction efforts and its "Efficiency for Growth" program initiated in 2011. Dow estimates it will save around USD250 million from these closures.
The Dow Chemical Company is an American multinational chemical corporation. Dow Chemical is a provider of plastics, chemicals, and agricultural products. It is a large producer of plastics, including polystyrene, polyurethane, polyethylene, polypropylene, and synthetic rubber.