An estimated 5,000 people in the region of Bay, Saginaw and Midland counties work for Dow, and the company has more than 36,000 employees worldwide. The exact number of layoffs was not revealed. Dow Chairman and CEO Jim Fitterling characterized the cost reductions as difficult but "necessary to maintain competitiveness while the economic recovery gains traction." Dow second quarter results showed net sales down by $8.4 billion, or 24%, from a year ago. This was "driven by both local price and volume declines, as the COVID-19 pandemic dramatically impacted results," they said.