The Dow Chemical company said Thursday it is raising pay and laying off employees amid reports that the company has been secretly rigging the market for its products.
The company announced the pay increases and layoff changes in a press release, saying that “we have taken immediate action to ensure our employees and their families have the benefits and opportunities they deserve.”
“We have a culture where we take every employee’s safety and well-being very seriously, and our safety and the well-Being of our associates and customers are our top priorities,” the company said in the release.
“These actions will allow us to better support the safety and security of our employees.”
Dow Chemical said it has taken “appropriate and appropriate steps to improve our culture and workforce” in order to “improve the company’s long-term health, productivity, and profitability.”
The Dow Chemical shares were up 2.7 percent at $56.85 in late morning trading Thursday.
The stock was up 14.7% since late last week, when the company reported earnings that beat Wall Street’s expectations.
The announcement comes as a number of companies are under investigation by regulators over possible rigging of the chemical market.
Dow Chemical is among several companies to face scrutiny in the wake of the scandals.