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THE WEEK IN REVIEW, WITH AN EYE ON WHAT’S NEXT NEED TO KNOW
DOW TO CUT 2,000 JOBS GLOBALLY
THE NEWS: Midland-based Dow Inc. plans to cut 2,000 jobs as part of an e ort to cut $1 billion in costs in 2023 amid economic uncertainty, the chemical manufacturer announced ursday. e company also said it would shut down “select assets,” particularly in Europe, but did not specify what those shutdowns would be.
WHY IT MATTERS: e job cuts amount to about 5 percent of Dow’s global workforce. e company currently employs approximately 37,800 people.
NORTHVILLE DOWNS COULD MOVE TO PLYMOUTH TOWNSHIP
THE NEWS: e owners of Northville Downs are proposing to relocate their horse racing track to Plymouth Township, a move 4.5 miles away from its current site near Sheldon Road and Hines Drive.
WHY IT MATTERS: Under a planned unit development application for the southwest corner of Five Mile and Ridge roads in Plymouth Township, Northville Downs would have a halfmile oval harness race track, plus a 4,900-square-foot grandstand with an 18,400-square-foot patio for race viewing; 23,000-square-foot racing building; a 35,500-square-foot horse barn; and a 3,200-square-foot maintenance building.
SECOND NATURE BRANDS HIRES NEW CFO
THE NEWS: Madison Heights-based Second Nature Brands, the parent company of the Kar’s and Sanders brands, has brought aboard a new chief nancial o cer. Chris Caswell joins the snack foods manufacturer after four years as CFO at Massachusetts-based jelly and juice giant Welch Foods Inc. Caswell starts his new role at the end of February, replacing Herman Brons, who is retiring after less than three years with the company.
WHY IT MATTERS: Caswell will oversee a company that has seen much change and consolidation in recent years. e private equity-fueled consolidation of candy and snack makers started in 2017 when the family-owned Kar Nut Products Co. was bought by PE rm Palladium Equity Partners LLC before being scooped up by London-based CapVest Partners LLP. In that time frame, Kar’s parent compa- ny acquired metro Detroit’s iconic Sanders brand and West Palm Beach, Fla.-based Brownie Brittle.
MICHIGAN NURSES CONSIDERING STRIKE
THE NEWS: Nurses at MyMichigan Medical Center in Alma are joining more than 1,000 nursing home workers represented by the Service Employees International Union Healthcare Michigan who are in the middle of voting on whether to strike. ose nurses work at 13 nursing homes across Michigan owned by Ciena Healthcare, e Orchards Michigan, Optalis Healthcare, Pioneer Health Care Management and Amee Patel.
WHY IT MATTERS: Melissa Samuel, president and CEO of the Health Care Association of Michigan, said the sudden loss of 1,000 nurses could spin the entire health care sector into chaos. Nursing homes would likely have to reduce patient capacity and rely on expensive agency sta to maintain regulated patient-to-provider ratios.
Correction
A Newsmakers pro le of Dug Song in the Jan. 23 issue reported an incorrect gure for the purchase price of Duo Security, which Song founded. Cisco Systems Inc. purchased the company for $2.35 billion.
