RESTRUCTURING PLAN: The Dow Chemical Co. will eliminate about 2,400 jobs and close roughly 20 manufacturing facilities as part of a restructuring plan as it faces slowing economic growth in Europe and elsewhere.

BIG SAVINGS: Dow expects the strategy will result in roughly $500 million in annual cost savings by the end of 2014. It also plans to slash capital spending and investments. All told, Dow anticipates it will save $2.5 billion, including other cost-cutting measures.

CUTS ALL AROUND: Rival DuPont also announced a restructuring plan that includes 1,500 layoffs after reporting a big drop in quarterly profit.