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{{Infobox company |
{{Infobox company |
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| name = The Dow Chemical |
| name = The Dow Chemical Company |
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| logo = [[Image:Dow Chemical Company logo.svg|200px|Dow Chemical Co. logo]] |
| logo = [[Image:Dow Chemical Company logo.svg|200px|Dow Chemical Co. logo]] |
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| type = [[Public company|Public]] |
| type = [[Public company|Public]] |
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| foundation = 1897 |
| foundation = 1897 |
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| location = [[Midland, Michigan]], [[United States|U.S]] |
| location = [[Midland, Michigan]], [[United States|U.S]] |
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| coordinates = {{coord|43.616|-84.201|type:landmark_region:US-MI|display=inline,title}} |
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| founder = [[Herbert Henry Dow]] |
| founder = [[Herbert Henry Dow]] |
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| area_served = Worldwide |
| area_served = Worldwide |
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| key_people = [[Andrew N. Liveris]]<br><small>([[Chairman]], [[President]] and [[Chief Executive Officer|CEO]])</small> |
| key_people = [[Andrew N. Liveris]]<br><small>([[Chairman]], [[President]] and [[Chief Executive Officer|CEO]])</small> |
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| industry = [[Chemical industry|Chemicals]] |
| industry = [[Chemical industry|Chemicals]] |
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| company tagline =" |
| company tagline ="Solutionism" |
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|products = Chemicals, [[plastic]]s, performance chemicals, [[catalyst]]s, [[coating]]s, [[Agricultural science|crop technology]], [[crude oil]] and [[natural gas]] [[Hydrocarbon exploration|exploration]] and production |
|products = Chemicals, [[plastic]]s, performance chemicals, [[catalyst]]s, [[coating]]s, [[Agricultural science|crop technology]], [[crude oil]] and [[natural gas]] [[Hydrocarbon exploration|exploration]] and production |
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| revenue = {{nowrap|{{increase}} [[United States Dollar|$]] |
| revenue = {{nowrap|{{increase}} [[United States Dollar|$]] 58.167 billion <small>(2014)</small><ref name="Yahoo Finance annual statement">{{cite web|title=Income Statement - DOW|url=https://finance.yahoo.com/q/is?s=DOW&annual|website=Yahoo Finance|publisher=Yahoo Finance|accessdate=14 September 2015}}</ref>}} |
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|operating_income={{increase}} [[United States Dollar|$]] 5.389 billion <small>(2014)</small><ref name="Yahoo Finance annual statement" /> |
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<ref name="Dow Chemical Company-2012-10-K">{{cite web|url=http://pdf.secdatabase.com/515/0000029915-13-000014.pdf |title=Dow Chemical Co. 2012 Annual Report, Form 10-K, Filing Date Feb 15, 2013 |publisher=secdatabase.com |accessdate =Feb 13, 2014}}</ref>}} |
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|net_income={{decrease}} [[United States Dollar|$]] 3.772 billion <small>(2014)</small><ref name="Yahoo Finance annual statement" /> |
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|assets={{decrease}} [[United States Dollar|$]] 68.796 billion <small>(2014)</small><ref name="Yahoo Finance Balance statement">{{cite web|title=Balance Sheet - DOW|url=https://finance.yahoo.com/q/bs?s=DOW+Balance+Sheet&annual|website=Yahoo Finance|publisher=Yahoo Finance|accessdate=14 September 2015}}</ref> |
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|equity={{decrease}} [[United States Dollar|$]] 22.423 billion <small>(2014)</small><ref name="Yahoo Finance Balance statement" /> |
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|num_employees = 53000 |
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|equity={{decrease}} [[United States Dollar|$]] 21.867 billion <small>(FY 2012)</small><ref name="Dow Chemical Company-2012-10-K"/> |
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| subsid = [[Dow AgroSciences|Dow AgroSciences, LLC.]]<br/>[[Union Carbide Corporation|Union Carbide Corp.]]<br/>[[Rohm and Haas]]<br/>[[ANGUS Chemical Company |
| subsid = [[Dow AgroSciences|Dow AgroSciences, LLC.]]<br/>[[Union Carbide Corporation|Union Carbide Corp.]]<br/>[[Rohm and Haas]]<br/>[[ANGUS Chemical Company]] |
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| homepage = {{URL|http://www.dow.com}} |
| homepage = {{URL|http://www.dow.com}} |
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| intl = yes |
| intl = yes |
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}} |
}} |
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'''The Dow Chemical Co.''', commonly referred to as '''Dow''', is an American [[multinational corporation|multinational]] chemical corporation headquartered in [[Midland, Michigan]], United States. As of 2007, it is the second-largest chemical manufacturer in the world by revenue (after [[BASF]])<ref>[http://www.hoovers.com/Dow%20Chemical/--ID__10471--/freeuk-co-factsheet.xhtml The Dow Chemical Co. information and related industry information from Hoover's United Kingdom (UK)<!-- Bot generated title -->]</ref> and as of February 2009, the third-largest chemical company in the world by market capitalization (after [[BASF]] and [[DuPont]]). It [[List of largest chemical producers|ranked second in the world by chemical production]] in 2014.<ref name="c&en2014">{{cite news |last=Tullo |first=Alexander H. |date=27 July 2015 |title=Global Top 50 Chemical Companies |url=http://cen.acs.org/articles/93/i30/Global-Top-50.html |newspaper=Chemical & Engineering News |publisher=[[American Chemical Society]] |accessdate=27 October 2015}}</ref> |
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'''The Dow Chemical Company''' ({{NYSE|DOW}}), commonly referred to as '''Dow''', is an American [[multinational corporation|multinational]] chemical corporation headquartered in [[Midland, Michigan]]. Dow provides chemical, plastic, and agricultural products and services to consumer markets that include food, transportation, health and medicine, personal care and construction, and operates in approximately 180 countries.<ref name=10K>{{cite web|title=DOW CHEMICAL COMPANY 10-K|url=http://www.sec.gov/Archives/edgar/data/29915/000002991515000011/dow201410k.htm|website=SEC.gov|publisher=SEC|accessdate=6 October 2015}}</ref><ref name="Google Finance">{{cite web|title=Dow Chemical Co|url=https://www.google.com/finance?fstype=ii&q=NYSE:DOW|website=Google Finance|publisher=Google Finance|accessdate=6 October 2015}}</ref><ref name=Bloomberg>{{cite web|title=DOW:US|url=http://www.bloomberg.com/quote/DOW:US|website=Bloomberg|publisher=Bloomberg|accessdate=6 October 2015}}</ref> |
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Dow manufactures plastics, chemicals, and agricultural products. With a presence in about 160 countries, it employs about 54,000 people worldwide.<ref name="Profile"/> The company has seven different major operating segments, with a wide variety of products made by each one.<ref name="Profile">{{cite web | url=http://www.dow.com/about/aboutdow/profile/CorpProfile2006.pdf | title=Corporate Profile | publisher=The Dow Chemical Co. | accessdate = 2006-06-24|format=PDF}}</ref> Dow's 2012 sales totaled approximately $57 billion.<ref name="2012AnnualReport">{{cite web | url=http://www.dow.com/investors/pdfs/161-00784_2012_Annual_Report.pdf | title=Annual Report | publisher=The Dow Chemical Co. | accessdate = 2013-05-31|format=PDF}}</ref> |
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Dow has been called the "chemical companies' chemical company"<ref>{{cite web|url=http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=il&vol=app/2005/1031657&invol|title=Quote from John Tysse, Dow vice-president of sales and marketing|accessdate=2007-11-28}}</ref> in that most of its sales are to other industries rather than end-users. Dow sells directly to end-users primarily in the human and animal health and consumer products markets. |
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As of 2014, Dow ranked third in [[List of largest chemical producers|chemical production]] (after [[BASF]] and [[Sinopec]]), and as of 2015, was the third largest chemical company in the world by revenue (after Sinopec and BASF).<ref name=Statista>{{cite web|title=2015 ranking of the global top 10 chemical companies based on revenue (in billion U.S. dollars)|url=http://www.statista.com/statistics/272704/top-10-chemical-companies-worldwide-based-on-revenue/|website=Statista|publisher=Statista|accessdate=6 October 2015}}</ref><ref name=CEN>{{cite web|last1=Tullo|first1=Alexander H.|title=C&EN’s Global Top 50 Chemical Firms For 2014|url=http://cen.acs.org/articles/92/i30/CENs-Global-Top-50-Chemical.html|website=CEN|publisher=CEN|accessdate=6 October 2015}}</ref> Dow was also the world's largest [[chlorine]] producer, with 5.7 billion tons a year of production before Dow's association with [[Olin Corporation|Olin]] was formed;<ref name="Forbes chlorine">{{cite web|last1=Fisher|first1=Daniel|title=Will $5B Sale Of Dow Chemical's Chlorine Business Silence Its Critics?|url=http://www.forbes.com/sites/danielfisher/2015/03/27/dow-chemical-strikes-5b-deal-to-merge-chlorine-unit-with-olin/|website=Forbes|publisher=Forbes|accessdate=6 October 2015}}</ref> was ranked as the world's largest plastics manufacturer during 2008,<ref name="Slatter2007" /> and the largest manufacturer of [[Lubricant|polyalkylene glycols]] in 2013.<ref name="Rudnick2013">{{cite book|author=Leslie R. Rudnick|title=Synthetics, Mineral Oils, and Bio-Based Lubricants: Chemistry and Technology, Second Edition|url=http://books.google.com/books?id=gqPck260kBcC&pg=PA147|date=4 February 2013|publisher=CRC Press|isbn=978-1-4398-5537-9|pages=147–}}</ref> |
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Dow is a member of the [[American Chemistry Council]]. The company tagline is "Solutionism". |
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Dow's principal lines of business include Agricultural Sciences, Consumer Solutions, Infrastructure Solutions, Performance Materials & Chemicals, and Performance Plastics.<ref name="Dow markets">{{cite web|title=Markets and Solutions|url=http://www.dow.com/en-us/markets-and-solutions|website=Dow|publisher=Dow|accessdate=6 October 2015}}</ref> It employs approximately 53,000 people worldwide.<ref name="autogenerated2">{{cite web | url=http://www.dow.com/about/aboutdow/profile/CorpProfile2006.pdf | title=Corporate Profile | publisher=The Dow Chemical Co. | accessdate = 2006-06-24|format=PDF}}</ref> Dow's 2014 sales totaled approximately $58.2 billion.<ref name=Statista /><ref name=PN>{{cite web|last1=Esposito|first1=Frank|title=2014 sees modest sales increase, but profit decrease, for Dow Chemical|url=http://www.plasticsnews.com/article/20150129/NEWS/150129896/2014-sees-modest-sales-increase-but-profit-decrease-for-dow-chemical|website=PN|publisher=PN|accessdate=6 October 2015}}</ref> Dow has been called the "chemical companies' chemical company" in that most of its sales are to other industries rather than end-users, although Dow sells directly to end-users primarily in the human and animal health, agriculture and consumer products markets.<ref>{{cite web|url=http://caselaw.lp.findlaw.com/scripts/getcase.pl?court=il&vol=app/2005/1031657&invol|title=Quote from John Tysse, Dow vice-president of sales and marketing|accessdate=2007-11-28}}</ref> |
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== Products == |
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Dow is a large producer of plastics, including [[polystyrene]], [[polyurethane]], [[polyethylene]], [[polypropylene]], and synthetic [[rubber]]. It is also a major producer of [[ethylene oxide]], various [[acrylate]]s, [[surfactant]]s, and [[cellulose]] resins. It produces agricultural chemicals including the [[pesticide]] [[Lorsban]] and consumer products including [[Styrofoam]]. Some Dow consumer products including [[Saran (plastic)|Saran]] wrap, [[Ziploc]] bags and [[Scrubbing Bubbles]] were sold to [[S. C. Johnson & Son]] in 1997.<ref name="cnn">{{cite news| title=Dow sells consumer unit| date= October 28, 1997| publisher=CNN Money| url=http://money.cnn.com/1997/10/28/deals/dowbrands/| accessdate=December 13, 2010}}</ref> |
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The company was founded in 1897 by Canadian-born chemist [[Herbert Henry Dow]]. After a period of major diversification it achieved the status of a major chemical company, involved as a significant player in the world market, and being part of the military-industrial war effort during both World Wars. |
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===Performance plastics=== |
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Performance plastics make up 25 percent of Dow's sales,<ref name="autogenerated3">''Chemical and Engineering News'', Vol. 84, Issue 22 (May 29, 2006), pp 10–15</ref> with many products designed for the [[automotive industry|automotive]] and [[construction industry|construction industries]]. The plastics include [[polyolefin]]s such as [[polyethylene]] and [[polypropylene]], as well as [[polystyrene]] used to produce Styrofoam insulating material. Dow manufactures [[epoxy]] resin intermediates including [[bisphenol A]] and [[epichlorohydrin]]. [[Saran (plastic)|Saran]] resins and films are based on [[polyvinylidene chloride]] (PVDC) |
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== Business Lines == |
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===Performance chemicals=== |
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===Agricultural Sciences=== |
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The Performance Chemicals (17 percent of sales) segment produces chemicals and materials for [[water purification]], [[pharmaceutical]]s, paper [[coating]]s, paints and advanced [[electronics industry|electronics]]. Major product lines include nitroparaffins, such as [[nitromethane]], used in the pharmaceutical industry and manufactured by ANGUS Chemical Company,<ref>{{cite web | url=http://www.dow.com/angus/ | title=ANGUS Chemical Co. | publisher= The Dow Chemical Co. | accessdate = 2006-06-26}}</ref> a wholly owned subsidiary of The Dow Chemical Co. Important polymers include Dowex [[ion exchange resin]]s, [[acryl group|acrylic]] and polystyrene [[latex]], as well as [[Carbowax]] [[polyethylene glycol]]s. Specialty chemicals are used as starting materials for production of agrochemicals and pharmaceuticals. |
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Dow’s Agricultural Sciences segment provides crop protection and seed/plant biotechnology products and technologies, urban [[pest management]] solutions and oils. The business invents, develops, manufactures and markets products for use in agricultural, industrial and commercial pest management, and [[food service]].<ref name="RoundtableTechnology2003">{{cite book|author1=Chemical Sciences Roundtable|author2=Board on Chemical Sciences and Technology|author3=National Research Council|coauthors=Division on Earth and Life Studies|title=Reducing the Time from Basic Research to Innovation in the Chemical Sciences:: A Workshop Report to the Chemical Sciences Roundtable|url=http://books.google.com/books?id=54FRlPQJ-vsC&pg=PA12|date=18 April 2003|publisher=National Academies Press|isbn=978-0-309-08734-6|pages=12–}}</ref> The segment has sales in 135 countries, with global research and development and manufacturing facilities, and accounted for 12.5% of Dow’s total sales in 2014.<ref name="Dow Annual Report">{{cite web|title=2014 Annual Report|url=http://www.dow.com/~/media/DowCom/Corporate/PDF/investor-relations/2014-Dow-Annual-Report-with-10K.ashx?la=en-US|website=Dow|publisher=Dow|accessdate=6 October 2015}}</ref> In late November 2015, the Dow Chemical Company announced it struck a deal to sell part of its [[herbicide]] business, driven by "low crop prices" and its subsequent falling sales. Its portfolio of [[dinitroaniline]]s, weed killers, would pass to Gowan Company as part of the sale, as well as registrations and [[trademark]]s such as [[Treflan]] and a packaging facility in [[Alberta, Canada]].<ref name="Reuters deal">{{cite web|last1=Polansek|first1=Tom|title=Dow sells portfolio of herbicides amid consolidation drive|url=http://www.reuters.com/article/us-dow-herbicide-sale-idUSKBN0TK31920151201|website=Reuters|publisher=Reuters|accessdate=4 December 2015}}</ref> |
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===Consumer Solutions=== |
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Dow’s Consumer Solutions segment consists of three global businesses: Consumer Care, Dow Automotive Systems and Dow Electronic Materials. These businesses develop and market customized materials using technology and patented chemical processes for specialty applications, including [[semiconductor]]s and organic [[light-emitting diode]]s, [[adhesive]]s and foams used by the transportation industry, and [[cellulosic]]s for pharmaceutical formulations and food applications.<ref name="PandeyReddy2014">{{cite book|author1=Jitendra K. Pandey|author2=Kummetha R. Reddy|author3=Amar K. Mohanty|coauthors=Manjusri Misra|title=Handbook of Polymernanocomposites. Processing, Performance and Application: Volume A: Layered Silicates|url=http://books.google.com/books?id=qfi3BAAAQBAJ&pg=PA534|date=2 January 2014|publisher=Springer Science & Business Media|isbn=978-3-642-38649-7|pages=534–}}</ref><ref name=")2010">{{cite book|author=Industrieverband Klebstoffe E V Adh Sion Kleben & Dichten (Hrsg )|title=Handbuch Klebtechnik 2010/2011|url=http://books.google.com/books?id=l_t1PpOo9zoC&pg=PA48|date=28 September 2010|publisher=Springer-Verlag|isbn=978-3-8348-1354-1|pages=48–}}</ref> The businesses in the Consumer Solutions segment serve multiple markets including automotive; electronics and entertainment; healthcare and medical; and, personal and home care goods. Consumer Solutions made up 8% of Dow’s sales in 2014.<ref name="Dow Annual Report" /> |
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Dow Water and Process Solutions (DW&PS) is a [[Strategic business unit|business unit]] which manufactures Filmtec reverse osmosis membranes which are used to purify water for [[Potable|human use]] in the Middle East. The technology was used during the [[2000 Summer Olympics]] and [[2008 Summer Olympics]].<ref>{{cite web | url=http://www.tradearabia.com/news/ENV_148211.html | title=Dow's Filmtec to help manage ME water needs | publisher= Trade Arabia | accessdate = 2008-08-26}}</ref> |
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===Infrastructure Solutions=== |
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The Infrastructure Solutions segment is composed of four global businesses: Dow Building & Construction, Dow Coating Materials, Energy & Water Solutions, and Performance Monomers.<ref>{{cite book|title=Builder|url=http://books.google.com/books?id=e2FUAAAAMAAJ|date=April 2006|publisher=Hanley-Wood, Incorporated, for the National Association of Home Builders.}}</ref><ref>{{cite book|title=Builder|url=http://books.google.com/books?id=e2FUAAAAMAAJ|date=April 2006|publisher=Hanley-Wood, Incorporated, for the National Association of Home Builders.}}</ref><ref>{{cite book|title=Paint, Oil and Chemical Review|url=http://books.google.com/books?id=G5U7AAAAMAAJ|year=1959|publisher=Trade Review Company}}</ref><ref>{{cite book|title=Modern Packaging|url=http://books.google.com/books?id=OdIlAAAAMAAJ|year=1962|publisher=Morgan-Grampian Publishing Company}}</ref> These businesses produce products such as architectural and industrial coating applications, building insulation, adhesives, microbial protection for the oil and gas industry, and water technologies.<ref name="Plunkett2007">{{cite book|author=Jack W. Plunkett|title=Plunkett's Renewable, Alternative & Hydrogen Energy Industry Almanac 2008|url=http://books.google.com/books?id=yNXShPFh2I4C&pg=PT219|date=December 2007|publisher=Plunkett Research, Ltd.|isbn=978-1-59392-100-2|pages=219–}}</ref><ref name="Bhattacharya2012">{{cite book|author=Prosun Bhattacharya|title=Metals and Related Substances in Drinking Water: COST Action 637 : Proceedings of the 4th International Conference Metals and Related Substances in Drinking Water, METEAU : Kristianstad, Sweden, October 13-15, 2010|url=http://books.google.com/books?id=_XWFcntCZ8EC&pg=PA131|year=2012|publisher=IWA Publishing|isbn=978-1-78040-035-8|pages=131–}}</ref> Dow Energy & Water Solutions for example, manufactures Filmtec reverse osmosis membranes which were used during the [[2000 Summer Olympics|2000]] and [[2008 Summer Olympics]]. Infrastructure Solutions accounted for 14.5% of Dow’s sales in 2014.<ref name="Dow Annual Report" /><ref name="Trade Arabia">{{cite web|title=Dow's Filmtec to help manage ME water needs|url=http://www.tradearabia.com/news/ENV_148211.html|website=Trade Arabia|publisher=Trade Arabia|accessdate=6 October 2015}}</ref> |
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Agricultural Sciences ([[Dow AgroSciences]]) provides 7 percent of sales and is responsible for a range of [[insecticide]]s (such as [[Lorsban]]), [[herbicides]] and [[fungicide]]s. Genetically modified plant seeds are also an important, growing area. Dow AgroSciences sells seeds commercially under the following brands: Mycogen (grain corn, silage corn, sunflowers, alfalfa, and sorghum), Atlas (soybean), PhytoGen (cotton) and Hyland Seeds in Canada (corn, soybean, alfalfa, navy beans and wheat). |
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===Performance Materials & Chemicals=== |
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===Basic plastics=== |
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The Performance Materials & Chemicals segment consists of five global businesses: Chlor-Alkali and Vinyl, Chlorinated Organics, Epoxy, Industrial Solutions and Polyurethanes. Products produced by this segment serve various end markets, ranging from agriculture, consumer goods, electronics and construction. Most of Dow's [[EBITDA]] margin expansion at this division comes from reduced raw material costs in turn due to the integration of a [[propylene]] production facility in [[Freeport]]. Infrastructure Solutions accounted for 26% of Dow’s sales in 2014.<ref name="Dow Annual Report" /><ref name="Forbes margins">{{cite web|last1=Trefis|first1=Team|title=How Does Dow Plan To Expand Its Performance Materials Margins?|url=http://www.forbes.com/sites/greatspeculations/2014/09/16/how-does-dow-plan-to-expand-its-performance-materials-margins/|website=Forbes|publisher=Forbes|accessdate=6 October 2015}}</ref> The Company completed its chlorine products transaction to Olin on October 5, 2015, valued at $5 billion.<ref name="Fox Business News">{{cite web|title=Olin expects to close $5 billion buyout of Dow Chemical unit in early October|url=http://www.foxbusiness.com/markets/2015/09/15/olin-expects-to-close-5-billion-buyout-dow-chemical-unit-in-early-october/|website=Fox Business News|publisher=AP|accessdate=3 December 2015}}</ref><ref name="Stocks Newswire">{{cite web|last1=Gilliam|first1=Jim|title=Active Movers of Yesterday: Tenet Healthcare Corp (NYSE:THC), First Niagara Financial Group Inc. (NASDAQ:FNFG), Olin Corporation (NYSE:OLN)|url=http://www.stocksnewswire.com/business-finance/active-movers-of-yesterday-tenet-healthcare-corp-nysethc-first-niagara-financial-group-inc-nasdaqfnfg-olin-corporation-nyseoln/abcd/11775/|website=Stocks Newswire|publisher=Stocks Newswire|accessdate=3 December 2015}}</ref> |
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Basic plastics (26 percent of sales) end up in everything from [[diaper]] liners to beverage [[bottle]]s and oil tanks. Products are based on the three major polyolefins – polystyrene (such as Styron resins), polyethylene and polypropylene. |
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===Performance Plastics=== |
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The Performance Plastics segment is the world’s leading plastics franchise and is composed of five global businesses: Dow Elastomers, Dow Electrical and Telecommunications, Dow Packaging and Specialty Plastics, Energy, and Hydrocarbons. Products from this segment are used for ubiquitous applications, ranging from [[diaper]] liners to beverage bottles and [[oil tank]]s. The products are based on the three major [[polyolefins]] – [[polystyrene]] (such as [[Styron (company)|Styron]] resins), [[polyethylene]] and [[polypropylene]]. Performance Plastics made up 39% of Dow’s sales in 2014.<ref name="Dow Annual Report" /><ref name="Starr1999">{{cite book|author=Trevor F. Starr|title=Composites: A Profile of the Worldwide Reinforced Plastics Industry, Markets and Suppliers : Market Prospects to 2005|url=http://books.google.com/books?id=kGBIsSxWLHEC&pg=PA189|year=1999|publisher=Elsevier|isbn=978-1-85617-354-4|pages=189–}}</ref><ref>{{cite book|title=Chemical Week|url=http://books.google.com/books?id=MvpJAQAAIAAJ|year=2009|publisher=McGraw-Hill}}</ref><ref>{{cite book|title=Moody's Industrial Manual|url=http://books.google.com/books?id=9wMQAQAAMAAJ|year=1997|publisher=Moody's Investors Service}}</ref> |
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Basic chemicals (12 percent of sales) are used internally by Dow as raw materials and are also sold worldwide. Markets include dry cleaning, paints and coatings, snow and ice control and the food industry. Major products include ethylene glycol, [[sodium hydroxide|caustic soda]], [[chlorine]], and [[vinyl chloride]] monomer (VCM, for making [[PVC]]). [[Ethylene oxide]] and [[propylene oxide]] and the derived alcohols [[ethylene glycol]] and [[propylene glycol]] are major feedstocks for the manufacture of plastics such as [[polyurethane]] and [[polyethylene terephthalate|PET]]. |
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===Hydrocarbons and energy=== |
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The Hydrocarbons and Energy operating segment (13 percent of sales) oversees energy management at Dow.<ref name="autogenerated3" /> Fuels and oil-based raw materials are also procured. Major feedstocks for Dow are provided by this group, including [[ethylene]], [[propylene]], [[1,3-butadiene]], [[benzene]] and [[styrene]]. |
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[[Image:DowMidland.JPG|thumb|600px|Dow Chemical Corporate headquarters in Midland]] |
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== History == |
== History == |
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===Early history=== |
===Early history=== |
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Dow was founded in 1897 by Canadian-born chemist [[Herbert Henry Dow]], who invented a new method of extracting the [[bromine]] that was trapped underground in [[brine]] at Midland, Michigan.<ref name="invent">{{cite web | url=http://www.invent.org/hall_of_fame/45.html | title=Hall of Fame Inventor Profile | publisher=National Inventors Hall of Fame | accessdate = 2006-06-24}}</ref> Dow originally sold only [[bleach]] and [[potassium bromide]], achieving a bleach output of 72 tons a day in 1902. |
Dow was founded in 1897 by Canadian-born chemist [[Herbert Henry Dow]], who invented a new method of extracting the [[bromine]] that was trapped underground in [[brine]] at [[Midland, Michigan]].<ref name="invent">{{cite web | url=http://www.invent.org/hall_of_fame/45.html | title=Hall of Fame Inventor Profile | publisher=National Inventors Hall of Fame | accessdate = 2006-06-24}}</ref> Dow originally sold only [[bleach]] and [[potassium bromide]], achieving a bleach output of 72 tons a day in 1902. Early in the company's history, a group of British manufacturers tried to drive Dow out of the bleach business by cutting prices. Dow survived by also cutting its prices and, although losing about $90,000 in income, began to diversify its product line.<ref>{{cite web | url=http://www.geo.msu.edu/geo333/dow.html | title=Dow Chemical | publisher=[[University of Michigan]] Department of Geography | accessdate = 2006-06-24 |archiveurl = http://web.archive.org/web/20060513202338/http://www.geo.msu.edu/geo333/dow.html <!-- Bot retrieved archive --> |archivedate = 2006-05-13}}</ref> |
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In 1905, German bromide producers began dumping [[bromide]]s at low cost in the U.S. in an effort to prevent Dow from expanding its sales of bromides in Europe. Instead of competing head-on with the German producers, Dow bought the cheap German-made bromides and shipped them back to Europe, undercutting his German competitors.<ref>{{cite book |last=Brandt |first=E.N.|authorlink= |coauthors= |title=Growth Company: Dow Chemical's First Century |year=1997 |publisher=Michigan State University Press |location=East Lansing, Michigan |isbn=0-87013-426-4 }}</ref> Even in its early history, Dow set a tradition of rapidly diversifying its product line. Within twenty years, Dow had become a major producer of agricultural chemicals, elemental chlorine, [[phenol]] and other dyestuffs, as well as magnesium metal.<ref name="CHANDLERHikino2009">{{cite book|author1=Alfred Dupont CHANDLER|author2=Takashi Hikino|author3=Alfred D Chandler|title=Scale and Scope: The Dynamics of Industrial Capitalism|url=http://books.google.com/books?id=ENWMZqhD9RYC&pg=PA178|date=30 June 2009|publisher=Harvard University Press|isbn=978-0-674-02938-5|pages=178–}}</ref><ref name="Finance1920">{{cite book|author=United States. Congress. Senate. Committee on Finance|title=Dyestuffs: Hearings Before the Committee on Finance, United States Senate, Sixty-sixth Congress, Second Session, on H.R. 8078, and Act to Regulate the Importation of Coal-tar Products, to Promote the Establishment of the Manufacture Thereof in the United States, And, as Incident Thereto, to Amend the Act of September 8, 1916, Entitled "An Act to Increase the Revenue, and for Other Purposes," December 8, 9, 10, 11, 12, 13, 1919, and January 12, 1920|url=http://books.google.com/books?id=uhI9AAAAYAAJ|year=1920|publisher=U.S. Government Printing Office}}</ref><ref name="Brandt2013" /><ref name="SullivanAgardy2005">{{cite book|author1=Patrick Sullivan|author2=Franklin J. Agardy|author3=James J.J. Clark|title=The Environmental Science of Drinking Water|url=http://books.google.com/books?id=itJ6CfvHciEC&pg=PA43|date=1 August 2005|publisher=Butterworth-Heinemann|isbn=978-0-08-045772-7|pages=43–}}</ref><ref name="McKinney2004">{{cite book|author=Ross E. McKinney|title=Environmental Pollution Control Microbiology: A Fifty-Year Perspective|url=http://books.google.com/books?id=6zXrMA4vlNUC&pg=PA419|date=11 March 2004|publisher=CRC Press|isbn=978-0-203-02569-7|pages=419–}}</ref> |
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During World War I, Dow Chemical supplied many war materials the United States had previously imported from Germany. Dow produced [[magnesium]] for incendiary flares, [[Chlorobenzene|monochlorobenzene]] and [[phenol]] for explosives, and bromine for medicines and tear gas. By 1918, 90 percent of Dow Chemical production was geared towards the war effort.<ref name="chemheritage">{{cite web | last = | first = | coauthors = | title = Herbert Henry Dow 1866–1930 | work= | pages = | language = | publisher = Chemical Heritage Foundation | year = 2002 | url =http://www.chemheritage.org/explore/hhdow/HerbertDow.htm | accessdate = 2007-04-05}}</ref> At this time, Dow created the diamond logo that is still used by the company.<ref name="walkoffame">{{cite web|last= |first= |coauthors= |title=Herbert Henry Dow |work= |pages= |language= |publisher=Michigan Walk of Fame |date= |url=http://www.michiganwalkoffame.com/dow.asp |accessdate=2007-04-05 |deadurl=yes |archiveurl=https://web.archive.org/20061103134319/http://www.michiganwalkoffame.com/dow.asp |archivedate=November 3, 2006 }}</ref> After the war, Dow continued research in magnesium, and developed refined automobile pistons that produced more speed and better fuel efficiency. The Dowmetal pistons were used heavily in racing vehicles, and the 1921 winner of the [[Indianapolis 500]] used the Dowmetal pistons in his vehicle.<ref name="chemheritage"/> |
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During [[World War I]], Dow supplied many war materials the U.S. had previously imported from Germany. Dow produced magnesium for [[incendiary]] [[flare]]s, [[monochlorobenzene]] and phenol for explosives, and bromine for medicines and [[tear gas]]. By 1918, 90% of Dow production was geared towards the [[war effort]].<ref name="chemheritage">{{cite web | last = | first = | coauthors = | title = Herbert Henry Dow 1866-1930 | work= | pages = | language = | publisher = Chemical Heritage Foundation | year = 2002 | url =http://www.chemheritage.org/explore/hhdow/HerbertDow.htm | accessdate = 2007-04-05}}</ref> At this time, Dow created the diamond logo that is still used by the company.<ref name="walkoffame">{{cite web | last = | first = |coauthors = | title = Herbert Henry Dow | work= | pages = | language = | publisher = Michigan Walk of Fame | date = | url =http://www.michiganwalkoffame.com/dow.asp | accessdate = 2007-04-05}}{{dead link|date=March 2015}}</ref> After the war, Dow continued research in magnesium, and developed refined automobile [[piston]]s that produced more speed and better fuel efficiency.<ref name="Brandt2013" /> The Dow metal pistons were used heavily in racing vehicles, and the 1921 winner of the [[Indianapolis 500]] used the Dow metal pistons in his vehicle.<ref name="chemheritage" /> |
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In the 1930s, Dow began producing plastic resins, which would grow to become one of the corporation's major businesses. Its first plastic products were [[ethylcellulose]], made in 1935, and [[polystyrene]], made in 1937. |
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[[Image:DowMidland.JPG|thumb|300px|Dow Corporate headquarters in Midland]] |
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In the 1930s, Dow began producing plastic resins, which would grow to become one of the corporation's major businesses. Its first plastic products were [[ethylcellulose]], made in 1935, and polystyrene, made in 1937.<ref name="Slatter2007">{{cite book|author=John Slatter|title=The 100 Best Stocks You Can Buy, 2008|url=http://books.google.com/books?id=3LvLR0o_NoUC&pg=PA138|date=1 October 2007|publisher=Adams Media|isbn=1-59869-166-X|pages=138–}}</ref><ref name="Jr1990">{{cite book|author=John J. McKetta Jr|title=Encyclopedia of Chemical Processing and Design: Volume 34 - Pentachlorophenol to Petroleum Fractions: Liquid Densities|url=http://books.google.com/books?id=ABrYesVa3S4C&pg=PA454|date=27 April 1990|publisher=CRC Press|isbn=978-0-8247-2484-9|pages=454–}}</ref> |
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===Diversification and expansion=== |
===Diversification and expansion=== |
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From 1940 to 1941, Dow built its first plant at [[Freeport, Texas]], in order to produce |
From 1940 to 1941, Dow built its first plant at [[Freeport, Texas]], in order to produce magnesium extracted from seawater rather than underground [[brine]], marking the first time that humans had mined the ocean for metal.<ref name="Goldblatt1942">{{cite book|author=Leo Arthur Goldblatt|title=Collateral Readings in Inorganic Chemistry; Second Series|url=http://books.google.com/books?id=P3whAQAAMAAJ|year=1942|publisher=D. Appleton-Century}}</ref><ref name="Dow Texas">{{cite web|title=History of Texas Operations|url=http://www.dow.com/locations/texas/freeport/about/history.htm|website=Dow|publisher=Dow|accessdate=6 October 2015}}</ref> The Freeport plant is now home to Dow's largest site - and one of the largest integrated chemical manufacturing sites in the world.<ref name="Wankel2009">{{cite book|author=Charles Wankel|title=Encyclopedia of Business in Today's World|url=http://books.google.com/books?id=C3mHCgAAQBAJ&pg=PT817|date=8 June 2009|publisher=SAGE Publications|isbn=978-1-5063-1952-0|pages=817–}}</ref> The site grew quickly - with power, chlorine, [[caustic soda]] and ethylene also soon in production.<ref name="Dow Texas" /> Growth of this business made Dow a strategically important business during [[World War II]], as magnesium became important in fabricating lightweight parts for aircraft.<ref>Herman, Arthur. ''Freedom's Forge: How American Business Produced Victory in World War II,'' pp. 118, 219, 312, 324-5, Random House, New York, NY. ISBN 978-1-4000-6964-4.</ref><ref name="Brandt2013">{{cite book|author=E. N. Brandt|title=We Called it MAG-nificent: Dow Chemical and Magnesium, 1916-1998|url=http://books.google.com/books?id=U88ZI7U0n_oC&pg=PT18|date=1 May 2013|publisher=MSU Press|isbn=978-1-60917-363-0|pages=18–}}</ref> Based on 2002–2003 data, the Freeport plants (known as "Texas Operations" internally) produced 27 billion pounds of products, or 21% of Dow's global production.<ref name="III2014">{{cite book|author=Kenneth E. Hendrickson, III|title=The Encyclopedia of the Industrial Revolution in World History|url=http://books.google.com/books?id=EdwsCgAAQBAJ&pg=PA271|date=25 November 2014|publisher=Rowman & Littlefield Publishers|isbn=978-0-8108-8888-3|pages=271–}}</ref> In 1942, Dow began its foreign expansion with the formation of Dow Chemical of Canada in Sarnia, Ontario to produce styrene for use in [[styrene-butadiene]] [[synthetic rubber]]. Magnesium production from Freeport in 1942 amounted to 84% of the whole country's production capacity.<ref name="Choate2007">{{cite book|author=Pat Choate|title=Hot Property: The Stealing of Ideas in an Age of Globalization|url=http://books.google.com/books?id=PrprjW6zLHcC&pg=PT129|date=18 December 2007|publisher=Knopf Doubleday Publishing Group|isbn=978-0-307-42627-7|pages=129–}}</ref> Also during WWII, Dow and Corning began their joint venture, [[Dow Corning]], to produce silicones for military and, later, civilian use.<ref name="III2014" /><ref name="Slatter2007">{{cite book|author=John Slatter|title=The 100 Best Stocks You Can Buy, 2008|url=http://books.google.com/books?id=3LvLR0o_NoUC&pg=PA138|date=1 October 2007|publisher=Adams Media|isbn=1-59869-166-X|pages=138–}}</ref> |
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The "Ethyl-Dow Chemical Co." plant at "[[Kure Beach, North Carolina|Kure's Beach" NC]], the only plant on the East Coast producing |
The "Ethyl-Dow Chemical Co." plant at "[[Kure Beach, North Carolina|Kure's Beach" NC]], the only plant on the East Coast producing bromine from seawater, was attacked by a German [[U-boat]] in 1942.<ref>{{cite book |last=Morton, Jr |first=Wilbur D |year= |title=The Journey Continues: The World War II Home Front |location= |publisher= |page=xxiv,64 }}</ref><ref>{{cite book|title=THE MINERAL RESOURCES OF THE SEA|url=http://books.google.com/books?id=LbTDLa_2opsC&pg=PA32|date=1 January 1965|publisher=Elsevier|isbn=978-0-08-087037-3|pages=32–}}</ref><ref name="Davis2014">{{cite book|author=Anita Price Davis|title=North Carolina and World War II: A Documentary Portrait|url=http://books.google.com/books?id=4lyQBQAAQBAJ&pg=PA112|date=10 November 2014|publisher=McFarland|isbn=978-0-7864-7984-9|pages=112–}}</ref> |
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In the post-war era, Dow began expanding outside of North America, founding its first overseas subsidiary in |
In the post-war era, Dow began expanding outside of North America, founding its first overseas subsidiary in Japan in 1952 as Asahi-Dow Limited, and in several other nations soon thereafter.<ref name="Mason1992">{{cite book|author=Mark Mason|title=American Multinationals and Japan: The Political Economy of Japanese Capital Controls, 1899-1980|url=http://books.google.com/books?id=TY4l3qWIIh4C&pg=PA212|date=1 January 1992|publisher=Harvard Univ Asia Center|isbn=978-0-674-02630-8|pages=212–}}</ref> Based largely on its growing plastics business, Dow opened a [[consumer products]] division beginning with [[Saran wrap]] in 1953.<ref name="Brandt2003">{{cite book|author=E. N. Brandt|title=Chairman of the Board: A Biography of Carl A. Gerstacker|url=http://books.google.com/books?id=0A6ZXb0ff0oC&pg=PA1955|date=31 May 2003|publisher=MSU Press|isbn=978-0-87013-896-6|pages=1955–}}</ref> Based on its growing chemicals and plastics businesses, Dow's sales exceeded $1 billion in 1964, $2 billion in 1971, and $10 billion in 1980.<ref name="Slatter2007" /> |
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===Nuclear weapons=== |
===Nuclear weapons=== |
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From 1951 to 1975, Dow managed the [[Rocky Flats Plant]] near [[Denver, Colorado]]. Rocky Flats was a nuclear weapons production facility that produced [[plutonium]] triggers for [[hydrogen bomb]]s. |
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{{Main|Rocky Flats Plant}} |
{{Main|Rocky Flats Plant}} |
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From 1951 to 1975, Dow managed the Rocky Flats Plant near [[Denver, Colorado]]. Rocky Flats was a nuclear weapons production facility that produced plutonium triggers for [[hydrogen bomb]]s. |
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[[Contamination]] from fires and [[radioactive waste]] leakage plagued the facility under Dow's management. In 1957 a fire burned plutonium dust in the facility and sent radioactive particles into the atmosphere.{{citation needed|date=February 2015}} |
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[[File:Rocky Flats Plant - Aerial View 002.jpg|thumb|right|Aerial view of the Rocky Flats Plant from directly overhead in 1954.]] |
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There were several instances of [[radioactive waste]] leakage and contamination propagated from fires during Dow's management of the facility.<ref name="DOE OLM">{{cite web|title=Rocky Flats Site History|url=http://www.lm.doe.gov/WorkArea/linkit.aspx?LinkIdentifier=id&ItemID=3026|website=Office of Legacy Management|publisher=Department of Energy|accessdate=6 October 2015}}</ref> In 1957 a fire burned [[plutonium]] dust in the facility and sent radioactive particles into the atmosphere.<ref name="The Atlantic">{{cite web|last1=Cohen|first1=Andrew|title=A September 11th Catastrophe You've Probably Never Heard About|url=http://www.theatlantic.com/national/archive/2012/09/a-september-11th-catastrophe-youve-probably-never-heard-about/261959/|website=The Atlantic|publisher=The Atlantic|accessdate=6 October 2015}}</ref> |
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The Department of Energy transferred management of the facility to [[Rockwell International]] in 1975. In 1990, nearby residents filed a class action lawsuit against Dow and Rockwell for environmental contamination of the area; the case was litigated in federal court. In 2008 a federal judge ordered Dow and Rockwell to pay a combined $925 million in damages to the |
The [[Department of Energy]] transferred management of the facility to [[Rockwell International]] in 1975. In 1990, nearby residents filed a [[class action]] [[lawsuit]] against Dow and Rockwell for environmental contamination of the area; the case was [[litigation|litigated]] in [[federal court]]. In 2008, a federal judge ordered Dow and Rockwell to pay a combined $925 million in damages to the [[plaintiff]]s.<ref>{{cite news| url=http://www.huffingtonpost.com/2008/06/03/rocky-flats-dow-chemical_n_104974.html | title = Rocky Flats: Dow Chemical And Rockwell International Billed $925M For Contamination At Nuclear Site | date=2008-06-03 | publisher=huffingtonpost.com |accessdate = 2009-08-09}}</ref> However, in September 2010, the [[United States Court of Appeals for the Tenth Circuit]] reversed the decision.<ref name="The Denver Post">{{cite news|title=Appeals court tosses jury award in Rocky Flats case|publisher=[[The Denver Post]]|date=September 4, 2010 | url=http://www.denverpost.com/ci_15989514}}</ref> According to the [[Appellate court]], the owners of the 12,000 properties in the class-action area had not proved that their properties were damaged or they had suffered bodily injury.<ref>[http://www.ca10.uscourts.gov/opinions/08/08-1224.pdf ''Cook, et al. v. Rockwell International Corp., et al.''], Nos. 08-1224, 08-1226 and 08-1239 (U.S. Court of Appeals, 10th Circuit Sept. 3, 2010)</ref> Rocky Flats is now the [[Rocky Flats National Wildlife Refuge]]. |
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===Vietnam War: |
===Vietnam War: Napalm and Agent Orange=== |
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{{Main|Napalm}} |
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The [[United States military]] dropped [[napalm]] bombs on North Vietnam during the [[Vietnam War]]. Dow was one of several manufacturers who began producing the napalm B compound under government contract from 1965. After experiencing protests and negative publicity, the other suppliers discontinued manufacturing the product, leaving Dow as the sole provider. The company said that it carefully considered its position, and decided, as a matter of principle, "its first obligation was to the government".<ref name=NAP>[http://www2.vcdh.Virginia.edu/PVCC/mbase/docs/napalm.html "Napalm History"] Virginia Center for Digital History</ref> Despite a [[boycott]] of its products by anti-war groups and harassment of recruiters on some college campuses, Dow continued to manufacture napalm B until 1969.<ref name=NAP /> The USA continued to drop napalm bombs on North Vietnam until 1973. |
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The United States military dropped napalm bombs on [[North Vietnam]] during the [[Vietnam War]]. Dow was one of several manufacturers who began producing the napalm B compound under government contract from 1965 at its [[Torrance, California]] plant.<ref name="Robbins2007">{{cite book|author=Mary Susannah Robbins|title=Against the Vietnam War: Writings by Activists|url=http://books.google.com/books?id=RK1XoEXCoVEC&pg=PA63|date=1 January 2007|publisher=Rowman & Littlefield|isbn=978-0-7425-5914-1|pages=63–}}</ref> After experiencing protests and negative publicity, the other suppliers discontinued manufacturing the product, leaving Dow as the sole provider.<ref name="CroddyWirtz2005">{{cite book|author1=Eric Croddy|author2=James J. Wirtz|title=Weapons of Mass Destruction: Chemical and biological weapons|url=http://books.google.com/books?id=ZzlNgS70OHAC&pg=PA193|year=2005|publisher=ABC-CLIO|isbn=978-1-85109-490-5|pages=193–}}</ref> The company said that it carefully considered its position, and decided, as a matter of principle, "its first obligation was to the government."<ref name="Donaldson1982">{{cite book|author=Thomas Donaldson|title=Corporations and Morality|url=http://books.google.com/books?id=kjYKgOPspPkC&pg=PA183|date=1 January 1982|publisher=Prentice-Hall|isbn=978-0-13-177014-0|pages=183–}}</ref> Despite a [[boycott]] of its products by [[anti-war]] groups and harassment of recruiters on some college campuses, Dow continued to manufacture napalm B until 1969.<ref name="Donaldson1982" /><ref name="MarshBrown2012">{{cite book|author1=James L. Marsh|author2=Anna J. Brown|title=Faith, Resistance, and the Future: Daniel Berrigan's Challenge to Catholic Social Thought|url=http://books.google.com/books?id=cYCeo5CjYNQC&pg=PA250|year=2012|publisher=Fordham Univ Press|isbn=978-0-8232-3982-5|pages=250–}}</ref> The U.S. continued to drop napalm bombs on North Vietnam until 1973.<ref name="HenckaertsDoswald-Becks2005">{{cite book|author1=Jean-Marie Henckaerts|author2=Louise Doswald-Becks|title=Customary International Humanitarian Law: Volume 2, Practice, Parts 1 and 2|url=http://books.google.com/books?id=DJTxx-9ayFcC&pg=PA1919|date=21 March 2005|publisher=Cambridge University Press|isbn=978-0-521-83937-2|pages=1919–}}</ref><ref name="Tucker2012">{{cite book|author=Spencer Tucker|title=Almanac of American Military History|url=http://books.google.com/books?id=TO2mx314ST0C&pg=PA1650|date=21 November 2012|publisher=ABC-CLIO|isbn=978-1-59884-530-3|pages=1650–}}</ref> |
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{{Main|Agent Orange}} |
{{Main|Agent Orange}} |
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Agent Orange, a chemical [[defoliant]] containing [[dioxin]], was also manufactured by Dow in [[New Plymouth, New Zealand]], and in the United States for use by the [[British military]] during the [[Malayan Emergency]] and the U.S. military during the Vietnam War.<ref name="MarshBrown2012" /> In 2005, a lawsuit was filed by Vietnamese victims of Agent Orange against Dow and [[Monsanto Co.]], which also supplied Agent Orange to the military.<ref name="Morris2009">{{cite book|author=Al Morris|title=Civilisation Hijacked: Rescuing Jesus from Christianity and the human spirit From Bondage|url=http://books.google.com/books?id=A_mL3izkxmQC&pg=PT227|date=16 November 2009|publisher=iUniverse|isbn=978-1-4401-8241-9|pages=227–}}</ref> The lawsuit was dismissed.<ref>{{cite web | url=http://www.commondreams.org/headlines06/0605-03.htm | title = US won't compensate Vietnam's Agent Orange victims: official | date=2006-06-06 | publisher=AFP | accessdate = 2009-11-28}}</ref> |
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===Dow Corning breast implants=== |
===Dow Corning breast implants=== |
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{{See also|Dow Corning breast implants controversy}} |
{{See also|Dow Corning breast implants controversy}} |
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A major manufacturer of silicone [[breast implant]]s, Dow Corning (a joint venture between Dow and Corning Inc.) was sued for personal damages caused by ruptured implants. On October 6, 2005, all such cases pending in the [[United States Court of Appeals for the Sixth Circuit]] against the company were dismissed. The company stated: "Should cases involving Dow Corning's breast implant and other silicone medical products be filed against the company in the future, they will be accorded similar treatment."<ref name="Forbes implants">{{cite web|last1=Miller|first1=Henry I.|title=The Sad Saga Of Silicone Breast Implants|url=http://www.forbes.com/sites/henrymiller/2015/03/04/infuriating-titbits-about-silicone-breast-implants/|website=Forbes|publisher=Forbes|accessdate=6 October 2015}}</ref><ref name="Law360 6th">{{cite web|last1=Kang|first1=Y. Peter|title=Split 6th Circ. Revives Dow Corning Breast Implant Suit|url=http://www.law360.com/articles/623599/split-6th-circ-revives-dow-corning-breast-implant-suit|website=Law360|publisher=Law360|accessdate=6 October 2015}}</ref> |
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A major manufacturer of silicone [[breast implants]], [[Dow Corning]] (Dow Chemical's Joint Venture with [[Corning Inc.]]) was sued for personal damages caused by ruptured implants. On October 6, 2005, all such cases pending in the District Court against the company were dismissed. A number of large, independent reviews of the scientific literature, including the [[Institute of Medicine]] in the [[United States]], have subsequently found that silicone breast implants do not cause breast cancers or any identifiable systemic disease.<ref name = nyt>{{cite news |author=[[Gina Kolata]] |coauthors= |title=Panel Confirms No Major Illness Tied to Implants |url=http://query.nytimes.com/gst/fullpage.html?sec=health&res=9B03E6D9103BF932A15755C0A96F958260&n=Top%2fReference%2fTimes%20Topics%2fOrganizations%2fI%2fInstitute%20of%20Medicine |quote=An independent panel of 13 scientists convened by the Institute of Medicine at the request of Congress has concluded that silicone breast implants do not cause any major diseases. |newspaper=[[New York Times]] |date=June 21, 1999 |accessdate=2015-02-10 }}</ref><ref name = " ">{{cite book |
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| last = Colas |
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| first = André |
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| authorlink = |
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|author2=Curtis, Jim |
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| year = 2004 |
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| title = Biomaterials Science, Second Edition: An Introduction to Materials in Medicine |
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| url = http://www.dowcorning.com/content/publishedlit/52-1069-01.pdf |
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| publisher = Elsevier, Academic Press |
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| location = |
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| isbn = 978-0-12-582463-7 |
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}}</ref> |
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===Bhopal disaster=== |
===Bhopal disaster=== |
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{{Main|Bhopal disaster}} |
{{Main|Bhopal disaster}} |
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[[Union Carbide]] became a [[subsidiary]] of Dow in 2001. The Bhopal disaster of 1984 occurred at a pesticide plant owned by [[Union Carbide India Limited]], a subsidiary of Union Carbide, 17 years before Dow’s acquisition. A gas cloud containing [[methyl isocyanate]] and other chemicals spread to the neighborhoods near the plant where more than half a million people were exposed. More than 27 years after the event, the actual number of fatalities is still unknown.<ref name="Times of India">{{cite web|last1=Saxena|first1=Deshdeep|title=Bhopal gas tragedy: 27 years on, death toll still unknown|url=http://timesofindia.indiatimes.com/city/indore/Bhopal-gas-tragedy-27-years-on-death-toll-still-unknown/articleshow/10532402.cms?referral=PM|website=Times of India|publisher=Times of India|accessdate=6 October 2015}}</ref> |
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The official immediate [[death toll]] was 2,259<ref name="Baker2014">{{cite book|author=Kevin Baker|title=The Worst World Disasters of All Time|url=http://books.google.com/books?id=la4kBQAAQBAJ&pg=PT1|date=3 November 2014|publisher=eBookIt.com|isbn=978-1-4566-2343-2|pages=1–}}</ref> and the government of [[Madhya Pradesh]] has confirmed a total of 3,787 deaths related to the gas release.<ref name="Reviews2012">{{cite book|author=Cram101 Textbook Reviews|title=e-Study Guide for Principles of Social Psychiatry: Medicine, Psychiatry|url=http://books.google.com/books?id=YZfOquz29BsC&pg=PP1|date=1 January 2012|publisher=Cram101|isbn=978-1-4672-2448-2|pages=1–}}</ref> Others estimate 3,000 died within weeks and another 8,000 have since died from gas-related diseases.<ref name="Giaccardi2012">{{cite book|author=Elisa Giaccardi|title=Heritage and Social Media: Understanding Heritage in a Participatory Culture|url=http://books.google.com/books?id=62FebXpeRtMC|year=2012|publisher=Routledge|isbn=978-0-415-61662-1}}</ref> There are wide variations in the estimated number of individuals permanently disabled by the event. By one independent estimate, 40,000 individuals were left permanently disabled, maimed, or suffering from serious illness as a result of the disaster.<ref name="IBTimes disaster">{{cite web|title=Dow Chemical Blocks Shareholder Inquiry Into Bhopal Disaster|url=http://www.ibtimes.com/dow-chemical-blocks-shareholder-inquiry-bhopal-disaster-1584715|website=IBTimes|publisher=IBTimes|accessdate=6 October 2015}}</ref> A government [[affidavit]] in 2006 stated that the leak caused 558 deaths, 125 injuries, including 38,478 temporary partial injuries and approximately 3,900 severely and permanently disabling injuries.<ref>{{cite news|url=http://www.first14.com/bhopal-gas-tragedy-92-injuries-termed-minor-822.html|title=Bhopal Gas Tragedy: 92% injuries termed "minor"|accessdate=2010-06-26|newspaper=First14 News|date=21 June 2010|author=AK Dubey|archiveurl=http://www.webcitation.org/5qmWBEWcb|archivedate=26 June 2010}}</ref> |
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[[Union Carbide]] became a subsidiary of Dow Chemical in 2001. The Bhopal disaster of 1984 occurred at a pesticide plant owned by Union Carbide India Ltd., a subsidiary of Union Carbide, 17 years before Dow Chemical Co.'s acquisition. A gas cloud containing methyl isocyanate and other chemicals spread to the neighborhoods near the plant where more than half a million people were exposed to it. More than 27 years after the event, the actual number of fatalities is still unknown.<ref>{{cite web|url=http://articles.timesofindia.indiatimes.com/2011-10-29/indore/30336689_1_gas-victims-satinath-sarangi-bhopal-gas-tragedy|title=Bhopal gas tragedy: 27 years on, death toll still unknown|work=The Times of India}}</ref> The official immediate death toll was 2,259 and the government of [[Madhya Pradesh]] has confirmed a total of 3,787 deaths related to the gas release. Others estimate 3,000 died within weeks and another 8,000 have since died from gas-related diseases. |
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There are wide variations in the estimated number of individuals permanently disabled by the event. By one independent estimate, 40,000 individuals were left permanently disabled, maimed, or suffering from serious illness as a result of the disaster. A government affidavit in 2006 stated that the leak caused 558,125 injuries, including 38,478 temporary partial injuries and approximately 3,900 severely and permanently disabling injuries.<ref>{{cite news|url=http://www.first14.com/bhopal-gas-tragedy-92-injuries-termed-minor-822.html|title=Bhopal Gas Tragedy: 92% injuries termed "minor"|accessdate=2010-06-26|newspaper=First14 News|date=21 June 2010|author=AK Dubey|archiveurl=http://www.webcitation.org/5qmWBEWcb|archivedate=26 June 2010}}</ref> Union Carbide was sued by the [[Government of India]] and agreed to an out-of-court settlement of US$470 million in 1989. In 2010 eight former executives of Union Carbide India Ltd. were found guilty of death by [[negligence]]. Activists sought to have Dow Chemical held responsible for the ongoing cleanup of the site,<ref name="convictions">{{cite news |url= http://www.nytimes.com/2010/06/08/world/asia/08bhopal.html |title=8 Former Executives Guilty in ’84 Bhopal Chemical Leak |date=7 June 2010|work=[[New York Times]]|accessdate=2013-10-04| archiveurl= https://web.archive.org/web/20120515004420/http://www.nytimes.com/2010/06/08/world/asia/08bhopal.html |archivedate= 15 May 2012}}</ref> now under the control of the state government of Madhya Pradesh. |
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Union Carbide was sued by the [[Government of India]] and agreed to an out-of-court [[Settlement (litigation)|settlement]] of US$470 million in 1989. In 2010 eight former executives of Union Carbide India Ltd. were found guilty of death by [[negligence]]. Activists are seeking to have Dow held responsible for the ongoing cleanup of the site.<ref name="convictions">{{cite news |url= http://www.nytimes.com/2010/06/08/world/asia/08bhopal.html |title=8 Former Executives Guilty in ’84 Bhopal Chemical Leak |date=7 June 2010|work=[[New York Times]]|accessdate=2013-10-04| archiveurl= http://web.archive.org/web/20120515004420/http://www.nytimes.com/2010/06/08/world/asia/08bhopal.html |archivedate= 15 May 2012}}</ref> Dow maintains that the Madhya Pradesh state government is responsible for the cleanup.<ref name="Bloomberg Bhopal">{{cite web|last1=Kripalani|first1=Manjeet|title=Dow Chemical: Liable for Bhopal?|url=http://www.bloomberg.com/bw/stories/2008-05-27/dow-chemical-liable-for-bhopal|website=Bloomberg|publisher=Bloomberg|accessdate=6 October 2015}}</ref> |
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===DBCP=== |
===DBCP=== |
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{{See also|DBCP}} |
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Until the late 1970s, Dow produced [[DBCP]] (1,2-dibromo-3-chloropropane), a soil fumigant, and [[nematicide]], sold under the names the Nemagon and Fumazone. Plantation workers who alleged that they became sterile or were stricken with other maladies subsequently sued both Dow and Dole in Latin American courts. The cases were marred by extensive fraud, including the falsification of test results and the recruitment of plaintiffs who had never worked at Dole plantations.<ref>{{cite web |url=http://www.wsj.com/articles/SB125061508138340501 |title=Fraud by Trial Lawyers Taints Wave of Pesticide Lawsuits – WSJ |format= |work= |accessdate=}}</ref> While Nicaraguan courts awarded the plaintiffs over $600 million in damages, they have been unable to collect any payment from the companies. A group of plaintiffs then sued in the United States, and, on November 5, 2007, a Los Angeles jury awarded them $3.2 million. Dole and Dow vowed to appeal the decision.<ref>[http://www.latimes.com/news/printedition/california/la-me-dole6nov06,1,2105565.story?coll=la-headlines-pe-california "Dole must pay farmworkers $3.2 million"], John Spano, ''Los Angeles Times'', November 6, 2007.</ref> On April 23, 2009 a Los Angeles judge threw out two cases against Dole and Dow due to fraud and extortion by lawyers in Nicaragua recruiting fraudulent plaintiffs to make claims against the company.<ref name=HallmanB-TAL-2009-4-27>Hallman, Ben. – [http://www.law.com/jsp/article.jsp?id=1202430211082&rss=newswire "Finding Plaintiffs Lawyers Committed Fraud, Judge Dismisses Tort Cases Against Dole and Dow Chemical"]. – ''[[The American Lawyer]]''. – April 27, 2009.</ref> The ruling casts doubt on $2 billion in judgments in similar lawsuits.<ref name=KeatingG-Forbes-2009-4-24>Keating, Gina. – [http://www.forbes.com/feeds/reuters/2009/04/24/2009-04-24T052809Z_01_N21503396_RTRIDST_0_BANANAS-UPDATE-2.html "Judge throws out Dole "bananeros" cases, citing fraud"]. – ''[[Forbes]]''. – April 24, 2009.</ref> |
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Until the late 1970s, Dow produced DBCP (1,2-dibromo-3-chloropropane), a soil [[fumigant]], and [[nematicide]], sold under the product names Nemagon and Fumazone. Plantation workers who became [[sterility|sterile]] or were stricken with other maladies subsequently sued both Dow and [[Dole_Food_Company|Dole]] in Latin American courts, alleging that their ailments were caused by DBCP exposure.<ref name="Law360 bananas">{{cite web|last1=McLernon|first1=Sean|title=Dole, Shell, Others Exposed Banana Workers To DBCP: Suit|url=http://www.law360.com/articles/346642/dole-shell-others-exposed-banana-workers-to-dbcp-suit|website=Law360|publisher=Law360|accessdate=6 October 2015}}</ref> While the courts agreed with the workers and awarded them over $600 million in damages, they have been unable to collect any payment from the companies.{{citation needed}} |
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A group of workers then sued in the U.S., and, on November 5, 2007, a Los Angeles [[jury]] awarded them $3.2 million. Dole and Dow vowed to appeal the decision.<ref>[http://www.latimes.com/news/printedition/california/la-me-dole6nov06,1,2105565.story?coll=la-headlines-pe-california "Dole must pay farmworkers $3.2 million"], John Spano, ''Los Angeles Times'', November 6, 2007.</ref> On April 23, 2009, a Los Angeles judge threw out two cases against Dole and Dow due to fraud and extortion by lawyers in Nicaragua recruiting fraudulent plaintiffs to make claims against the company.<ref name=HallmanB-TAL-2009-4-27>Hallman, Ben. - [http://www.law.com/jsp/article.jsp?id=1202430211082&rss=newswire "Finding Plaintiffs Lawyers Committed Fraud, Judge Dismisses Tort Cases Against Dole and Dow Chemical"]. - ''[[The American Lawyer]]''. - April 27, 2009.</ref> The ruling casts doubt on $2 billion in judgments in similar lawsuits.<ref name=KeatingG-Forbes-2009-4-24>Keating, Gina. - [http://www.forbes.com/feeds/reuters/2009/04/24/2009-04-24T052809Z_01_N21503396_RTRIDST_0_BANANAS-UPDATE-2.html "Judge throws out Dole "bananeros" cases, citing fraud"]. - ''[[Forbes]]''. - April 24, 2009.</ref><ref name="WSJ trials">{{cite web|last1=Stecklow|first1=Steve|title=Fraud by Trial Lawyers Taints Wave of Pesticide Lawsuits|url=http://www.wsj.com/articles/SB125061508138340501|website=WSJ|publisher=WSJ|accessdate=6 October 2015}}</ref> |
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[[File:Dow Chemical (Terneuzen).jpg|thumb|Dow plant in [[Terneuzen]].]] |
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=== Dioxin Contamination === |
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{{See also|Dioxin controversy}} |
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Areas along Michigan's [[Tittabawassee River]], which runs within yards of Dow's main plant in Midland, were found to contain elevated levels of the [[cancerogenic|cancer-causing]] chemical dioxin in November 2006.<ref name="GarabrantFranzblau2009">{{cite journal|last1=Garabrant|first1=David H.|last2=Franzblau|first2=Alfred|last3=Lepkowski|first3=James|last4=Gillespie|first4=Brenda W.|last5=Adriaens|first5=Peter|last6=Demond|first6=Avery|last7=Hedgeman|first7=Elizabeth|last8=Knutson|first8=Kristine|last9=Zwica|first9=Lynn|last10=Olson|first10=Kristen|last11=Towey|first11=Timothy|last12=Chen|first12=Qixuan|last13=Hong|first13=Biling|last14=Chang|first14=Chiung-Wen|last15=Lee|first15=Shih-Yuan|last16=Ward|first16=Barbara|last17=LaDronka|first17=Kathy|last18=Luksemburg|first18=William|last19=Maier|first19=Martha|title=The University of Michigan Dioxin Exposure Study: Predictors of Human Serum Dioxin Concentrations in Midland and Saginaw, Michigan|journal=Environmental Health Perspectives|volume=117|issue=5|year=2009|pages=818–824|issn=0091-6765|doi=10.1289/ehp.11779}}</ref> The dioxin was located in sediments two to ten feet below the surface of the river, and, according to the ''[[New York Times]]'', "there is no indication that residents or workers in the area are directly exposed to the sites".<ref name=barringer2>{{cite news|last=Barringer|first=Felicity|title=E.P.A. and Dow in Talks on Dioxin Cleanup at Main Factory|work=The New York Times|date=July 4, 2007|url=http://www.nytimes.com/2007/07/04/us/04dioxin.html|accessdate=2008-04-17}}</ref> However, people who often eat fish from the river had slightly elevated levels of dioxin in their blood.<ref name=barringer2 /> In July 2007, Dow reached an agreement with the [[United States Environmental Protection Agency|Environmental Protection Agency]] to remove {{convert|50000|cuyd|m3}} of [[sediment]] from three areas of the [[riverbed]] and [[levee]]s of the river that had been found to be contaminated.<ref name=barringer>{{cite news|last=Barringer|first=Felicity|title=Michigan: Dioxin Deal|work=The New York Times|url=http://www.nytimes.com/2007/07/18/us/18brfs-dioxin.html|date=July 18, 2007|accessdate=2008-04-17}}</ref> In November 2008, the Dow Chemical Company along with the United States Environmental Protection Agency and [[Michigan Department of Environmental Quality]] agreed to establish a [[Superfund]] to address dioxin cleanup of the Tittabawassee River, [[Saginaw River]] and [[Saginaw Bay]].<ref>{{cite web|url=http://ourmidland.com/articles/2008/11/12/local_news/1362469.txt|title=Superfund Alternative Site possible on Tittabawassee|date=November 11, 2008|accessdate=2008-11-12}}</ref> |
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===Tax evasion=== |
===Tax evasion=== |
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In February 2013 a federal court rejected two [[tax shelter]] transactions entered into by Dow that created approximately $1 billion in [[tax deduction]]s between 1993-2003.<ref name="Forbes stinks">{{cite web|last1=Wood|first1=Robert W.|title=Dow Chemical's $1 Billion Tax Shelter Stinks, Says Court|url=http://www.forbes.com/sites/robertwood/2013/02/27/dow-chemicals-1-billion-tax-shelter-stinks-says-court/|website=Forbes|publisher=Forbes|accessdate=6 October 2015}}</ref> In the stated opinion, the Court termed the transactions "schemes that were designed to exploit perceived weaknesses in the tax code and not designed for legitimate business reasons." The schemes were created by [[Goldman Sachs]] and the law firm of [[King & Spalding]], and involved creating a partnership that Dow operated out of its European headquarters in Switzerland.<ref name="Department of Justice">{{cite web | url=http://www.justice.gov/tax/2013/txdv13246.htm | title=JUSTICE DEPARTMENT PREVAILS IN TAX SHELTER CASE INVOLVING $1 BILLION IN TAX DEDUCTIONS | publisher=Department of Justice | work=The Dow Chemical Company Had Engaged in Tax Transactions Designed by Goldman Sachs and Lawyers at King & Spalding | date=27 February 2013 | accessdate=23 March 2015}}</ref><ref name="Forbes stinks" /> Dow stated that it had paid all [[tax assessment]]s with interest. The case was a lawsuit against the [[Internal Revenue Service]] seeking a refund of the taxes paid.<ref>{{cite web |url=http://www.reuters.com/article/2013/02/27/usa-tax-dow-idUSL1N0BRDUM20130227 |title=U.S. Justice Dept says wins $1 bln Dow Chemical tax shelter case | Reuters |format= |work= |accessdate=}}</ref> The case was appealed to the [[United States Court of Appeals for the Fifth Circuit]], where Dow's claims were again rejected. Dow has petitioned for an [[en banc]] hearing by the 5th Circuit, arguing that the decision was contrary to established [[case law]].<ref>{{cite web |url=http://www.law360.com/articles/591209/dow-urges-5th-circ-to-rehear-1b-tax-shelter-case |title=Dow Urges 5th Circ. To Rehear $1B Tax Shelter Case - Law360 |format= |work= |accessdate=}}</ref> The court denied this petition.<ref name="Law360 denial">{{cite web|last1=Kroh|first1=Eric|title=5th Circ. Denies Rehearing In Dow $1B Tax Shelter Case|url=http://www.law360.com/articles/597526/5th-circ-denies-rehearing-in-dow-1b-tax-shelter-case|website=Law360|publisher=Law360|accessdate=6 October 2015}}</ref> |
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In February 2013 a federal court rejected two tax shelter transactions entered into by Dow that created approximately $1 billion in tax deductions between 1993–2003. In the stated opinion, the Court termed the transactions "schemes that were designed to exploit perceived weaknesses in the tax code and not designed for legitimate business reasons." The schemes were created by [[Goldman Sachs]] and the law firm of [[King & Spalding]], and involved creating a partnership that Dow operated out of its European headquarters in Switzerland.<ref name="Forbes">{{cite web | url=http://www.forbes.com/sites/robertwood/2013/02/27/dow-chemicals-1-billion-tax-shelter-stinks-says-court/ | title=Dow Chemical's $1 Billion Tax Shelter Stinks, Says Court | publisher=Forbes | date=27 February 2013 | accessdate=23 March 2015 | author=Wood, Robert W.}}</ref><ref name="Department of Justice">{{cite web | url=http://www.justice.gov/tax/2013/txdv13246.htm | title=JUSTICE DEPARTMENT PREVAILS IN TAX SHELTER CASE INVOLVING $1 BILLION IN TAX DEDUCTIONS | publisher=Department of Justice | work=The Dow Chemical Company Had Engaged in Tax Transactions Designed by Goldman Sachs and Lawyers at King & Spalding | date=27 February 2013 | accessdate=23 March 2015}}</ref> Dow stated that it had paid all tax assessments with interest. The case was a lawsuit against the Internal Revenue Service seeking a refund of the taxes paid.<ref>{{cite web |url=http://www.reuters.com/article/2013/02/27/usa-tax-dow-idUSL1N0BRDUM20130227 |title=U.S. Justice Dept says wins $1 bln Dow Chemical tax shelter case | Reuters |format= |work= |accessdate=}}</ref> The case was appealed to the 5th Circuit court, where Dow's claims were again rejected. Dow has petitioned for an en banc hearing by the 5th Circuit, arguing that the decision was contrary to established case law.<ref>{{cite web |url=http://www.law360.com/articles/591209/dow-urges-5th-circ-to-rehear-1b-tax-shelter-case |title=Dow Urges 5th Circ. To Rehear $1B Tax Shelter Case – Law360 |format= |work= |accessdate=}}</ref> |
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===Recent mergers, acquisitions and reorganization=== |
===Recent mergers, acquisitions and reorganization=== |
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====1990s – transition from geographic alignment to global business units==== |
====1990s – transition from geographic alignment to global business units==== |
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In the early 1990s, Dow embarked on a major structural reorganization.<ref name="Geisst2009">{{cite book|author=Charles R. Geisst|title=Encyclopedia of American Business History|url= |
In the early 1990s, Dow embarked on a major structural reorganization.<ref name="Geisst2009">{{cite book|author=Charles R. Geisst|title=Encyclopedia of American Business History|url=http://books.google.com/books?id=5dGig0fYlj8C&pg=PA121|date=1 January 2009|publisher=Infobase Publishing|isbn=978-1-4381-0987-9|pages=121–}}</ref> The former reporting hierarchy was geographically based, with the regional president reporting directly to the overall company president and CEO. The new organization combines the same businesses from different sites, irrespective of which region they belong (i.e. the vice president for Polystyrene is now in charge of these plants all over the world).<ref>{{cite book|title=CIO|url=http://books.google.com/books?id=agoAAAAAMBAJ|date=1 November 1998}}</ref><ref>Smith, Richard. "Creative destruction: capitalist development and China's environment." New Left Review (1997): 3-42.</ref><ref name=MBN>{{cite web|last1=Nordqvist|first1=Joseph|title=The Dow Chemical Co. – Company Information|url=http://marketbusinessnews.com/dow-chemical-co-company-information/26631|website=MBN|publisher=MBN|accessdate=6 October 2015}}</ref> |
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====Union Carbide merger==== |
====Union Carbide merger==== |
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At the beginning of August 1999, Dow agreed to purchase [[Union Carbide Corporation|Union Carbide Corp.]] (UCC) for $9.3 billion in stock.<ref name="The Economist">{{cite web|title=Business this week|url=http://www.economist.com/node/230024|website=The Economist|publisher=The Economist|accessdate=6 October 2015}}</ref> At the time, the combined company was the second largest chemical company, behind DuPont.<ref name="CNN Money">{{cite web|title=Dow buying Union Carbide|url=http://money.cnn.com/1999/08/04/deals/dowchemical/|website=CNN Money|publisher=CNN Money|accessdate=6 October 2015}}</ref> This led to protests from some [[stockholder]]s, who feared that Dow did not disclose potential [[ |
At the beginning of August 1999, Dow agreed to purchase [[Union Carbide Corporation|Union Carbide Corp.]] (UCC) for $9.3 billion in stock.<ref name="The Economist">{{cite web|title=Business this week|url=http://www.economist.com/node/230024|website=The Economist|publisher=The Economist|accessdate=6 October 2015}}</ref> At the time, the combined company was the second largest chemical company, behind DuPont.<ref name="CNN Money">{{cite web|title=Dow buying Union Carbide|url=http://money.cnn.com/1999/08/04/deals/dowchemical/|website=CNN Money|publisher=CNN Money|accessdate=6 October 2015}}</ref> This led to protests from some [[stockholder]]s, who feared that Dow did not disclose potential [[liability|liabilities]] related to the Bhopal disaster.<ref name="Bloomberg liable">{{cite web|last1=Kripalani|first1=Manjeet|title=Dow Chemical: Liable for Bhopal?|url=http://www.bloomberg.com/bw/stories/2008-05-27/dow-chemical-liable-for-bhopal|website=Bloomberg|publisher=Bloomberg|accessdate=6 October 2015}}</ref> |
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[[William S. Stavropoulos]] served as president and chief executive officer of Dow from 1995 to 2000, then again from 2002 to 2004.<ref name="Los Angeles Times William">{{cite web|title=What is the history of William S Stavropoulos and the latest information about William S Stavropoulos?|url=http://finance.latimes.com/what-is-the-history-of-william-s-stavropoulos-and-the-latest-information-about-william-s-stavropoulos/chfc/executive/william-s-stavropoulos/william-s-stavropoulos.htm|website=Los Angeles Times|publisher=Los Angeles Times|accessdate=6 October 2015}}</ref> He relinquished his board seat on April 1, 2006, having been a director since 1990 and chairman since 2000. During his first tenure, he led the purchase of UCC which proved controversial, as it was blamed for poor results under his successor as CEO Mike Parker.<ref name="WSJ results">{{cite web|last1=Warren|first1=Susan|title=Dow Chemical Replaces CEO, Citing Poor Financial Results|url=http://www.wsj.com/articles/SB1039786818865909993|website=WSJ|publisher=WSJ|accessdate=6 October 2015}}</ref> Parker was dismissed and Stavropoulos returned from retirement to lead Dow.<ref> |
[[William S. Stavropoulos]] served as president and chief executive officer of Dow from 1995 to 2000, then again from 2002 to 2004.<ref name="Los Angeles Times William">{{cite web|title=What is the history of William S Stavropoulos and the latest information about William S Stavropoulos?|url=http://finance.latimes.com/what-is-the-history-of-william-s-stavropoulos-and-the-latest-information-about-william-s-stavropoulos/chfc/executive/william-s-stavropoulos/william-s-stavropoulos.htm|website=Los Angeles Times|publisher=Los Angeles Times|accessdate=6 October 2015}}</ref> He relinquished his board seat on April 1, 2006, having been a director since 1990 and chairman since 2000. During his first tenure, he led the purchase of UCC which proved controversial, as it was blamed for poor results under his successor as CEO Mike Parker.<ref name="WSJ results">{{cite web|last1=Warren|first1=Susan|title=Dow Chemical Replaces CEO, Citing Poor Financial Results|url=http://www.wsj.com/articles/SB1039786818865909993|website=WSJ|publisher=WSJ|accessdate=6 October 2015}}</ref> Parker was dismissed and Stavropoulos returned from retirement to lead Dow.<ref>[http://web.archive.org/web/20060218032214/http://news.dow.com/corporate/2005/20051213a.htm William Stavropoulos to Retire as Chairman of Dow; Andrew Liveris Elected Chairman Effective April 1, 2006<!-- Bot generated title -->]</ref><ref name="Salmon2010">{{cite book|author=E. J. Salmon|title=The Rise and Fall of Corporate America|url=http://books.google.com/books?id=R5fQV1A4B9cC&pg=PA275|date=28 September 2010|publisher=Trafford Publishing|isbn=978-1-4269-4062-0|pages=275–}}</ref> |
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==== 2006–2008 restructuring ==== |
==== 2006–2008 restructuring ==== |
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On August 31, 2006, Dow announced that it planned to close facilities at five locations:<ref>{{cite web | url=http://news.dow.com/dow_news/corporate/2006/20060831g.htm | title=Dow Announces Plant Closures To Strengthen Competitive Position | publisher=The Dow Chemical Co. | date=2006-08-31 | accessdate = 2006-09-13 |archiveurl = |
On August 31, 2006, Dow announced that it planned to close facilities at five locations:<ref>{{cite web | url=http://news.dow.com/dow_news/corporate/2006/20060831g.htm | title=Dow Announces Plant Closures To Strengthen Competitive Position | publisher=The Dow Chemical Co. | date=2006-08-31 | accessdate = 2006-09-13 |archiveurl = http://web.archive.org/web/20061019144342/http://news.dow.com/dow_news/corporate/2006/20060831g.htm <!-- Bot retrieved archive --> |archivedate = 2006-10-19}}</ref> |
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*[[Sarnia, Ontario]] was Dow's first manufacturing site in Canada.<ref name=CBCNews>{{cite web|title=Dow closing operations in Sarnia, Fort Saskatchewan|url=http://www.cbc.ca/news/business/dow-closing-operations-in-sarnia-fort-saskatchewan-1.580276|website=CBCNews|publisher=CBCNews|accessdate=7 October 2015}}</ref> In 1942, the Canadian government invited Dow to build a plant there to produce styrene (an essential raw material used to make [[synthetic rubber]] for World War II). Dow then built a polystyrene plant in 1947. Up to the early 1990s, the Chemical Valley site contained numerous plants, while Dow Canada's headquarters was located at the Modeland Centre, and a new River Centre complex was opened which housed Research and Development.<ref name="Bellamy2005">{{cite book|author=Matthew J. Bellamy|title=Profiting the Crown: Canada's Polymer Corporation, |
*[[Sarnia, Ontario]] was Dow's first manufacturing site in Canada.<ref name=CBCNews>{{cite web|title=Dow closing operations in Sarnia, Fort Saskatchewan|url=http://www.cbc.ca/news/business/dow-closing-operations-in-sarnia-fort-saskatchewan-1.580276|website=CBCNews|publisher=CBCNews|accessdate=7 October 2015}}</ref> In 1942, the Canadian government invited Dow to build a plant there to produce styrene (an essential raw material used to make [[synthetic rubber]] for World War II). Dow then built a polystyrene plant in 1947. Up to the early 1990s, the Chemical Valley site contained numerous plants, while Dow Canada's headquarters was located at the Modeland Centre, and a new River Centre complex was opened which housed Research and Development.<ref name="Bellamy2005">{{cite book|author=Matthew J. Bellamy|title=Profiting the Crown: Canada's Polymer Corporation, 1942-1990|url=http://books.google.com/books?id=P_EKepreTcoC&pg=PA36|date=13 January 2005|publisher=McGill-Queen's Press - MQUP|isbn=978-0-7735-7238-6|pages=36–}}</ref> Since then, several plants (Dow terminology for a production unit) on the site have been dismantled and the Dow Canada headquarters moved to [[Calgary, Alberta]]. The Dow Fitness Centre was donated to the [[YMCA]] of Sarnia-Lambton, and the Modeland Centre was sold to [[Lambton County]] and the City of Sarnia. In 2002, the steam plant was demolished and land on the site was sold to [[TransAlta]] which built a natural gas power plant.<ref name="Roussel2012">{{cite book|author=Marc R. Roussel|title=A Life Scientist's Guide to Physical Chemistry|url=http://books.google.com/books?id=PaYhAwAAQBAJ&pg=PA136|date=5 April 2012|publisher=Cambridge University Press|isbn=978-1-107-07994-6|pages=136–}}</ref> |
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*One plant at its site in [[Barry, Vale of Glamorgan|Barry (South Wales)]], a triple string STR styrene [[polymer]] production unit. Integral in the company's development of the super high melt foam specific polymers & Styron A-Tech high gloss, high impact polymers.<ref name=ChemEurope>{{cite web|title=The Dow Chemical Company Plans to Close Polystyrene Plant at Barry, UK|url=http://www.chemeurope.com/en/news/49993/the-dow-chemical-company-plans-to-close-polystyrene-plant-at-barry-uk.html|website=ChemEurope|publisher=ChemEurope|accessdate=7 October 2015}}</ref> |
*One plant at its site in [[Barry, Vale of Glamorgan|Barry (South Wales)]], a triple string STR styrene [[polymer]] production unit. Integral in the company's development of the super high melt foam specific polymers & Styron A-Tech high gloss, high impact polymers.<ref name=ChemEurope>{{cite web|title=The Dow Chemical Company Plans to Close Polystyrene Plant at Barry, UK|url=http://www.chemeurope.com/en/news/49993/the-dow-chemical-company-plans-to-close-polystyrene-plant-at-barry-uk.html|website=ChemEurope|publisher=ChemEurope|accessdate=7 October 2015}}</ref> |
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*One plant at its site in [[Porto Marghera]] (Venice), Italy.<ref name="ICIS News">{{cite web|last1=Sinclair|first1=Neil|title=Dow rules out Eni purchase of Porto Marghera TDI|url=http://www.icis.com/resources/news/2006/09/21/1092643/dow-rules-out-eni-purchase-of-porto-marghera-tdi/|website=ICIS News|publisher=ICIS News|accessdate=7 October 2015}}</ref> |
*One plant at its site in [[Porto Marghera]] (Venice), Italy.<ref name="ICIS News">{{cite web|last1=Sinclair|first1=Neil|title=Dow rules out Eni purchase of Porto Marghera TDI|url=http://www.icis.com/resources/news/2006/09/21/1092643/dow-rules-out-eni-purchase-of-porto-marghera-tdi/|website=ICIS News|publisher=ICIS News|accessdate=7 October 2015}}</ref> |
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*Two plants at its site in [[Fort Saskatchewan]], Alberta, Canada.<ref name=CBCNews /> |
*Two plants at its site in [[Fort Saskatchewan]], Alberta, Canada.<ref name=CBCNews /> |
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On November 2, 2006, Dow and [[Izolan]], the leading Russian producer of polyurethane systems, formed the joint venture Dow-Izolan iand built a manufacturing facility in the city of [[Vladimir]].<ref>{{cite book|title=ICIS Chemical Business|url= |
On November 2, 2006, Dow and [[Izolan]], the leading Russian producer of polyurethane systems, formed the joint venture Dow-Izolan iand built a manufacturing facility in the city of [[Vladimir]].<ref>{{cite book|title=ICIS Chemical Business|url=http://books.google.com/books?id=wedJAQAAIAAJ|year=2008|publisher=Reed Business Information}}</ref> Also in 2006, Dow formed the Business Process Service Center (BPSC). |
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In December 2007, Dow announced a series of moves to revamp the company. A December 4 announcement revealed that Dow planned to exit the automotive sealers business in 2008 or 2009.<ref name=nytdec52007>{{cite news|title=Dow Chemical Job Cuts|url=http://www.nytimes.com/2007/12/05/business/05dow.html|work=The New York Times|date=December 5, 2007|accessdate=2008-04-17}}</ref> Within several weeks, Dow also announced the formation of a joint venture, later named K-Dow, with Petrochemical Industries Co. (PIC), a subsidiary of [[Kuwait Petroleum Corporation]]. In exchange for $9.5 billion, the agreement included Dow selling 50 |
In December 2007, Dow announced a series of moves to revamp the company. A December 4 announcement revealed that Dow planned to exit the automotive sealers business in 2008 or 2009.<ref name=nytdec52007>{{cite news|title=Dow Chemical Job Cuts|url=http://www.nytimes.com/2007/12/05/business/05dow.html|work=The New York Times|date=December 5, 2007|accessdate=2008-04-17}}</ref> Within several weeks, Dow also announced the formation of a joint venture, later named K-Dow, with Petrochemical Industries Co. (PIC), a subsidiary of [[Kuwait Petroleum Corporation]]. In exchange for $9.5 billion, the agreement included Dow selling 50% of its interest in five global businesses: polyethylene, polypropylene and polycarbonate plastics, and ethylenamines and [[ethanolamine]]s.<ref name=nytdec142007>{{cite news|title=Dow Chemical Gets Kuwaiti Partner|work=The New York Times|date=December 14, 2007|url=http://www.nytimes.com/2007/12/14/business/worldbusiness/14chemical.html|accessdate=2008-04-17}}</ref> The agreement was terminated by PIC on December 28, 2008.<ref name="Ramady2013">{{cite book|author=Mohamed A. Ramady|title=Political, Economic and Financial Country Risk: Analysis of the Gulf Cooperation Council|url=http://books.google.com/books?id=ftiGAgAAQBAJ&pg=PA102|date=19 October 2013|publisher=Springer Science & Business Media|isbn=978-3-319-02177-5|pages=102–}}</ref> |
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=====Rohm & Haas Co. purchase===== |
=====Rohm & Haas Co. purchase===== |
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On July 10, 2008, Dow agreed to [[Buyout|purchase]] all of the [[Common stock|common equity]] interest of [[Rohm and Haas]] Co. for $15.4 billion, which equated to $78 per share.<ref name="Canadian Plastics">{{cite web|title=Dow signs agreement to acquire Rohm and Haas|url=http://www.canplastics.com/canplastics/dow-signs-agreement-to-acquire-rohm-and-haas/1000082758/|website=Canadian Plastics|publisher=Canadian Plastics|accessdate=7 October 2015}}</ref> The buyout was to be financed with equity investments of $3 billion by [[Berkshire Hathaway Inc.]] and $1 billion by the [[Kuwait Investment Authority]].<ref name="Harvard Business Review">{{cite web|last1=Gupta|first1=Raj|title=How I Did It: Rohm and Haas’s Former CEO on Pulling Off a Sweet Deal in a Down Market|url=https://hbr.org/2010/11/how-i-did-it-rohm-and-haass-former-ceo-on-pulling-off-a-sweet-deal-in-a-down-market|website=Harvard Business Review|publisher=Harvard Business Review|accessdate=7 October 2015}}</ref> The purpose of the deal was to move Dow |
On July 10, 2008, Dow agreed to [[Buyout|purchase]] all of the [[Common stock|common equity]] interest of [[Rohm and Haas]] Co. for $15.4 billion, which equated to $78 per share.<ref name="Canadian Plastics">{{cite web|title=Dow signs agreement to acquire Rohm and Haas|url=http://www.canplastics.com/canplastics/dow-signs-agreement-to-acquire-rohm-and-haas/1000082758/|website=Canadian Plastics|publisher=Canadian Plastics|accessdate=7 October 2015}}</ref> The buyout was to be financed with equity investments of $3 billion by [[Berkshire Hathaway Inc.]] and $1 billion by the [[Kuwait Investment Authority]].<ref name="Harvard Business Review">{{cite web|last1=Gupta|first1=Raj|title=How I Did It: Rohm and Haas’s Former CEO on Pulling Off a Sweet Deal in a Down Market|url=https://hbr.org/2010/11/how-i-did-it-rohm-and-haass-former-ceo-on-pulling-off-a-sweet-deal-in-a-down-market|website=Harvard Business Review|publisher=Harvard Business Review|accessdate=7 October 2015}}</ref> The purpose of the deal was to move Dow further into [[specialty chemicals]], which offer higher profit margins than the [[commodity|commodities]] market and are more difficult to enter for the competition.{{citation needed}} The purchase was criticized by many on [[Wall Street]] who believe the company overpaid (about a 75% premium on the previous day's market capital) to acquire the company; however, the high bid was needed to ward off competing bids from BASF.<ref name="NYT nocera">{{cite web|last1=Nocera|first1=Joe|title=Dow Imperiled by Its Deal for Rohm & Haas|url=http://www.nytimes.com/2009/02/07/business/07nocera.html?pagewanted=all|website=NYT|publisher=NYT|accessdate=7 October 2015}}</ref> The transaction to purchase the outstanding interest of Rohm and Haas closed on April 1, 2009.<ref name="Het Financieele Dagblad">{{cite web|last1=Verbraeken|first1=Hans|title=Dow Chemical beticht Turkse branchegenoot van spionage|url=http://fd.nl/ondernemen/1125704/dow-chemical-beticht-turkse-branchegenoot-van-spionage|website=Het Financieele Dagblad|publisher=Het Financieele Dagblad|accessdate=12 November 2015}}</ref> |
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=====Accelerated implementation===== |
=====Accelerated implementation===== |
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On December 8, 2008, Dow announced that due to the [[2008 economic crisis]], it would accelerate job cuts resulting from its reorganization. The announced plan included closing 20 facilities, temporarily idling 180 plants, and eliminating 5,000 full-time jobs (about 11 |
On December 8, 2008, Dow announced that due to the [[2008 economic crisis]], it would accelerate job cuts resulting from its reorganization. The announced plan included closing 20 facilities, temporarily idling 180 plants, and eliminating 5,000 full-time jobs (about 11% of its workforce) and 6,000 contractor positions.<ref>{{cite web | url=http://phx.corporate-ir.net/phoenix.zhtml?c=80099&p=irol-eventDetails&EventId=2048018 | title=Dow Accelerates Implementation of its Transformational Strategy | date=2008-12-08}}</ref> |
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=====Strategy interruption===== |
=====Strategy interruption===== |
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Citing the global [[recession]] that began in the latter half of 2008, the Kuwaiti government scuttled the K-Dow partnership on December 28, 2008.<ref>{{cite web|url=http://www.freep.com/article/20081228/BUSINESS07/81228030|work=Detroit Free Press|title=Kuwait scraps$17.4 billion venture with Dow Chemical|author=Diana Elias|date=December 28, 2008|accessdate=December 28, 2008}} {{Dead link|date=October 2010|bot=H3llBot}}</ref> The collapse of the deal dealt a blow to Dow CEO [[Andrew N. Liveris|Andrew Liveris]]' vision of restructuring the company to make it less [[Economic cycle|cyclical]]. However, on January 6, 2009 Dow |
Citing the global [[recession]] that began in the latter half of 2008, the Kuwaiti government scuttled the K-Dow partnership on December 28, 2008.<ref>{{cite web|url=http://www.freep.com/article/20081228/BUSINESS07/81228030|work=Detroit Free Press|title=Kuwait scraps$17.4 billion venture with Dow Chemical|author=Diana Elias|date=December 28, 2008|accessdate=December 28, 2008}} {{Dead link|date=October 2010|bot=H3llBot}}</ref> The collapse of the deal dealt a blow to Dow CEO [[Andrew N. Liveris|Andrew Liveris]]' vision of restructuring the company to make it less [[Economic cycle|cyclical]]. However, on January 6, 2009 Dow announced they were in talks with other parties who could be interested in a major joint venture with the company.<ref name="Dow Confirms Commitment to Strat">{{cite web|url=http://news.dow.com/dow_news/corporate/2009/20090106a.htm|title=Dow Chemical Confirms Commitment to Transformational Corporate Strategy|date=2009-01-06}}{{dead link|date=March 2015}}</ref> Dow also announced they that it would be seeking to recover damages related to the failed joint venture from PIC.<ref name="Dow Confirms Commitment to Strat" /> |
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After the K-Dow deal collapsed, some speculated that the company would not complete the Rohm & Haas transaction, as the cash from the former transaction was expected to fund the latter.<ref>{{cite web|title=Rohm and Dow shares fall on investor concern over deal|url=http://biz.yahoo.com/rb/081229/business_us_rohm_dow_shares.html?.v=10|date=2008-12-29|accessdate=2009-01-02|publisher=Reuters}} {{Dead link|date=September 2010|bot=H3llBot}}</ref> The deal was expected to be finalized in early 2009 and was to form one of the nation's largest specialty chemicals firms in the U.S.<ref>{{cite news | url=http://www.chicagotribune.com/business/chi-fri-dow-chemical-rohm-haas-jul11,0,3989958.story | title=Dow Chemical agrees to buy Rohm & Haas | work=Chicago Tribune | date=2008-07-11 | accessdate=2008-07-11}}</ref><ref>Dow Chemical to Buy Rohm and Haas, Wall Street Journal, July 11, 2008, p.B1</ref><ref name="WSJ rohm">{{cite web|last1=Campoy|first1=Ana|title=Dow Chemical to Buy Rohm & Haas|url=http://www.wsj.com/articles/SB121568954817042381|website=WSJ|publisher=WSJ|accessdate=7 October 2015}}</ref> However, on January 26, 2009 the company informed Rohm and Haas that it would be unable to complete the transaction by the agreed upon deadline.<ref>{{cite web|url=http://news.dow.com/dow_news/corporate/2009/20090126b.htm|title=Dow Chemical Confirms Rohm and Haas Acquisition Will Not Close On or Before January 27, 2009|date=2009-01-26}}</ref> Dow cited a deteriorated [[credit market]] and the collapse of the K-Dow Petrochemical deal as reasons for failing to timely close the merger. Around the same time, CEO Andrew Liveris said a first- time cut to the company's 97- year- old [[dividend policy]] was not "off the table." On February 12, 2009, the company declared a quarterly dividend of $0.15/share, down from $0.42 the previous quarter. The cut represented the first time the company had diminished its investor payout in the dividend's 97-year history.<ref name="The Street against">{{cite web|title=Against the Grain: Buy Dow Chemical!|url=http://www.thestreet.com/video/10464012/against-the-grain-buy-dow-chemical.html|website=The Street|publisher=The Street|accessdate=7 October 2015}}</ref><ref name="The Street">{{cite web|last1=Marvin|first1=Chuck|title=Dow Chemical Likely Glad Week's Over|url=http://www.thestreet.com/story/10464074/1/dow-chemical-likely-glad-weeks-over.html|website=The Street|publisher=The Street|accessdate=7 October 2015}}</ref> |
After the K-Dow deal collapsed, some speculated that the company would not complete the Rohm & Haas transaction, as the cash from the former transaction was expected to fund the latter.<ref>{{cite web|title=Rohm and Dow shares fall on investor concern over deal|url=http://biz.yahoo.com/rb/081229/business_us_rohm_dow_shares.html?.v=10|date=2008-12-29|accessdate=2009-01-02|publisher=Reuters}} {{Dead link|date=September 2010|bot=H3llBot}}</ref> The deal was expected to be finalized in early 2009 and was to form one of the nation's largest specialty chemicals firms in the U.S.<ref>{{cite news | url=http://www.chicagotribune.com/business/chi-fri-dow-chemical-rohm-haas-jul11,0,3989958.story | title=Dow Chemical agrees to buy Rohm & Haas | work=Chicago Tribune | date=2008-07-11 | accessdate=2008-07-11}}</ref><ref>Dow Chemical to Buy Rohm and Haas, Wall Street Journal, July 11, 2008, p.B1</ref><ref name="WSJ rohm">{{cite web|last1=Campoy|first1=Ana|title=Dow Chemical to Buy Rohm & Haas|url=http://www.wsj.com/articles/SB121568954817042381|website=WSJ|publisher=WSJ|accessdate=7 October 2015}}</ref> However, on January 26, 2009 the company informed Rohm and Haas that it would be unable to complete the transaction by the agreed upon deadline.<ref>{{cite web|url=http://news.dow.com/dow_news/corporate/2009/20090126b.htm|title=Dow Chemical Confirms Rohm and Haas Acquisition Will Not Close On or Before January 27, 2009|date=2009-01-26}}</ref> Dow cited a deteriorated [[credit market]] and the collapse of the K-Dow Petrochemical deal as reasons for failing to timely close the merger. Around the same time, CEO Andrew Liveris said a first- time cut to the company's 97- year- old [[dividend policy]] was not "off the table." On February 12, 2009, the company declared a quarterly dividend of $0.15/share, down from $0.42 the previous quarter. The cut represented the first time the company had diminished its investor payout in the dividend's 97-year history.<ref name="The Street against">{{cite web|title=Against the Grain: Buy Dow Chemical!|url=http://www.thestreet.com/video/10464012/against-the-grain-buy-dow-chemical.html|website=The Street|publisher=The Street|accessdate=7 October 2015}}</ref><ref name="The Street">{{cite web|last1=Marvin|first1=Chuck|title=Dow Chemical Likely Glad Week's Over|url=http://www.thestreet.com/story/10464074/1/dow-chemical-likely-glad-weeks-over.html|website=The Street|publisher=The Street|accessdate=7 October 2015}}</ref> |
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The transaction to purchase the outstanding interest of Rohm and Haas closed on April 1, 2009.<ref name="Reuters rohm">{{cite web|last1=James|first1=Steve|last2=Thomasch|first2=Paul|title=Dow Chem buys Rohm and Haas|url=http://www.reuters.com/article/2009/04/02/us-rohmandhaas-idUSTRE53073720090402|website=Reuters|publisher=Reuters|accessdate=7 October 2015}}</ref> After negotiating the sale of [[preferred stock]] with Rohm and Hass' two largest stockholders and extending their one-year [[bridge loan]] an additional year, the company purchased Rohm and Haas for $15 billion ($78 a share) on March 9, 2009.<ref>{{cite web|author=Christopher Hinton|url=http://articles.marketwatch.com/2008-07-10/news/30709557_1_rohm-haas-frank-mitsch-dow-chemical |title=Dow Chemical to buy Rohm & Haas for $15 billion |
The transaction to purchase the outstanding interest of Rohm and Haas closed on April 1, 2009.<ref name="Reuters rohm">{{cite web|last1=James|first1=Steve|last2=Thomasch|first2=Paul|title=Dow Chem buys Rohm and Haas|url=http://www.reuters.com/article/2009/04/02/us-rohmandhaas-idUSTRE53073720090402|website=Reuters|publisher=Reuters|accessdate=7 October 2015}}</ref> After negotiating the sale of [[preferred stock]] with Rohm and Hass' two largest stockholders and extending their one-year [[bridge loan]] an additional year, the company purchased Rohm and Haas for $15 billion ($78 a share) on March 9, 2009.<ref>{{cite web|author=Christopher Hinton|url=http://articles.marketwatch.com/2008-07-10/news/30709557_1_rohm-haas-frank-mitsch-dow-chemical |title=Dow Chemical to buy Rohm & Haas for $15 billion - MarketWatch |publisher=MarketWatch |date=2008-07-10 |accessdate=2012-12-18}}</ref> |
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====Sadara Chemical Company==== |
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In 2011, Dow and [[Saudi Arabian Oil Company]] (Saudi Aramco) developed the joint venture, Sadara Chemical Company (Sadara, worth $20 billion),<ref name=ChemicalsTechnology>{{cite web|title=Sadara Chemicals Complex, Al Sharqiya, Saudi Arabia|url=http://www.chemicals-technology.com/projects/sadara-complex/|website=ChemicalsTechnology|publisher=ChemicalsTechnology|accessdate=7 October 2015}}</ref> with initial plants to come on stream in 2015.<ref name=ChemicalsTechnology /> The joint venture is expected to enable Dow’s strategy to drive long-term profitable growth, and is the largest chemical complex to be built in a single phase.<ref name="Bryan2013">{{cite book|author=Christiansen, Bryan|title=Transcultural Marketing for Incremental and Radical Innovation|url=http://books.google.com/books?id=3-iWBQAAQBAJ&pg=PA302|date=30 November 2013|publisher=IGI Global|isbn=978-1-4666-4750-3|pages=302–}}</ref> As part of two "key strategic planks" for the company, construction of the largest single-construction petrochemicals complex will represent a tenfold increase in Dow's storage and handling requirements, together with Dow's US Gulf Coast investments. Besides storage, the plant will produce a range of chemicals, particularly those used in [[textile]]s, packaging and food additives.<ref name="The National">{{cite web|last1=McAuley|first1=Anthony|title=Dow Chemical and DP World sign storage and shipping deal|url=http://www.thenational.ae/dow-chemical-and-dp-world-sign-storage-and-shipping-deal|website=The National|publisher=The National|accessdate=7 October 2015}}</ref> |
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====2014 - New operating segments==== |
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In the fourth quarter of 2014, Dow announced new operating segments in response to its previously announced leadership changes. The company stated it would give further support to its end-market orientation and increase its alignment to Dow’s key value chains – ethylene and propylene.<ref name="Street Insider segments">{{cite web|title=Dow Chemical (DOW) Announces Realignment of External Reporting Segments|url=http://www.streetinsider.com/Corporate+News/Dow+Chemical+(DOW)+Announces+Realignment+of+External+Reporting+Segments/10004841.html|website=Street Insider|publisher=Street Insider|accessdate=7 October 2015}}</ref> |
In the fourth quarter of 2014, Dow announced new operating segments in response to its previously announced leadership changes. The company stated it would give further support to its end-market orientation and increase its alignment to Dow’s key value chains – ethylene and propylene.<ref name="Street Insider segments">{{cite web|title=Dow Chemical (DOW) Announces Realignment of External Reporting Segments|url=http://www.streetinsider.com/Corporate+News/Dow+Chemical+(DOW)+Announces+Realignment+of+External+Reporting+Segments/10004841.html|website=Street Insider|publisher=Street Insider|accessdate=7 October 2015}}</ref> |
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Several plants on the [[Gulf of Mexico|Gulf Coast]] of the US have been in development since 2013, as part of Dow's transition away from naphtha. Dow estimates the facilities will employ about 3000 people, and 5000 people during construction.<ref name="Construction Executive">{{cite web|last1=Pinch|first1=Lauren|title=Boom Days Ahead for Natural Gas Sector|url=http://www.constructionexec.com/Articles/tabid/3837/entryid/2905/boom-days-ahead-for-natural-gas-sector.aspx|website=Construction Executive|publisher=Construction Executive|accessdate=13 November 2015}}</ref> The plants will manufacture materials for several of its growing segments, including hygiene and medical, transportation, electrical and telecommunications, packaging, consumer durables and sports and leisure.<ref name="Global Processing">{{cite web|title=DOW CHEMICAL TO BUILD SEVERAL PLANTS ON US GULF COAST|url=http://www.globalprocessingmag.com/dow-chemical-to-build-several-plants-on-us-gulf-coast/|website=Global Processing|publisher=Global Processing|accessdate=16 October 2015}}</ref> |
Several plants on the [[Gulf of Mexico|Gulf Coast]] of the US have been in development since 2013, as part of Dow's transition away from naphtha. Dow estimates the facilities will employ about 3000 people, and 5000 people during construction.<ref name="Construction Executive">{{cite web|last1=Pinch|first1=Lauren|title=Boom Days Ahead for Natural Gas Sector|url=http://www.constructionexec.com/Articles/tabid/3837/entryid/2905/boom-days-ahead-for-natural-gas-sector.aspx|website=Construction Executive|publisher=Construction Executive|accessdate=13 November 2015}}</ref> The plants will manufacture materials for several of its growing segments, including hygiene and medical, transportation, electrical and telecommunications, packaging, consumer durables and sports and leisure.<ref name="Global Processing">{{cite web|title=DOW CHEMICAL TO BUILD SEVERAL PLANTS ON US GULF COAST|url=http://www.globalprocessingmag.com/dow-chemical-to-build-several-plants-on-us-gulf-coast/|website=Global Processing|publisher=Global Processing|accessdate=16 October 2015}}</ref> |
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Dow’s new [[propene| |
Dow’s new [[propene|propylene dehydrogenation]] (PDH) facility in Freeport, Texas, is expected to come online in 2015, with a first 750000 metric tonne per year unit, while other units could become available in the future.<ref name="ICIS News epca">{{cite web|title=EPCA ’14: Half of US PDH projects to be delayed or shelved – exec|url=http://www.icis.com/resources/news/2014/10/05/9826545/epca-14-half-of-us-pdh-projects-to-be-delayed-or-shelved-exec/|website=ICIS News|publisher=ICIS News|accessdate=7 October 2015}}</ref><ref name="IHS Chemical Week">{{cite web|last1=Protti-Alvarez|first1=Francinia|last2=Boswell|first2=Clay|title=Ascend plans $1.2-billion PDH plant at Chocolate Bayou|url=http://www.chemweek.com/lab/Ascend-plans-$1-2-billion-PDH-plant-at-Chocolate-Bayou_50166.html|website=IHS Chemical Week|publisher=IHS Chemical Week|accessdate=7 October 2015}}</ref> An ethylene production facility is expected to start up in the first half of 2017.<ref name="ChemicalsTechnology ethylene">{{cite web|title=Dow Chemical's Ethylene Production Plant, Freeport, Texas, United States of America|url=http://www.chemicals-technology.com/projects/dow-chemicals-ethylene-production-plant-freeport-texas/|website=ChemicalsTechnology|publisher=ChemicalsTechnology|accessdate=7 October 2015}}</ref><ref name="ChemicalsTechnology argentina">{{cite web|title=Dow Chemical to expand polyethylene and propylene production in Argentina|url=http://www.chemicals-technology.com/news/newsdow-chemical-to-expand-polyethylene-and-propylene-production-in-argentina-4441181|website=ChemicalsTechnology|publisher=ChemicalsTechnology|accessdate=7 October 2015}}</ref><ref name="The Motley Fool">{{cite web|last1=Chatsko|first1=Maxx|title=5 Things Dow Chemical Company Management Wants You to Know|url=http://www.fool.com/investing/general/2015/02/15/5-things-dow-chemical-company-management-wants-you.aspx|website=The Motley Fool|publisher=The Motley Fool|accessdate=7 October 2015}}</ref> |
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====Chlorine merger==== |
====Chlorine merger==== |
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On March 27, 2015, Dow and [[Olin Corporation]] announced that the boards of directors of both companies unanimously approved a definitive agreement under which Dow will separate a significant portion of its chlorine business and merge that new entity with Olin in a transaction that will create an industry leader, with revenues approaching $7 billion.<ref name="NYT olin">{{cite web|last1=Gelles|first1=David|title=Dow Chemical to Merge Unit With Olin|url=http://www.nytimes.com/2015/03/28/business/dealbook/dow-chemical-to-merge-unit-with-olin.html|website=NYT|publisher=NYT|accessdate=7 October 2015}}</ref> Olin, the new partnership, became the largest chlorine producer in the world.<ref name="Forbes chlorine" /> |
On March 27, 2015, Dow and [[Olin Corporation]] announced that the boards of directors of both companies unanimously approved a definitive agreement under which Dow will separate a significant portion of its chlorine business and merge that new entity with Olin in a transaction that will create an industry leader, with revenues approaching $7 billion.<ref name="NYT olin">{{cite web|last1=Gelles|first1=David|title=Dow Chemical to Merge Unit With Olin|url=http://www.nytimes.com/2015/03/28/business/dealbook/dow-chemical-to-merge-unit-with-olin.html|website=NYT|publisher=NYT|accessdate=7 October 2015}}</ref> Olin, the new partnership, became the largest chlorine producer in the world.<ref name="Forbes chlorine" /> |
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====Merger with DuPont==== |
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On December 11, 2015, Dow announced that it would merge with [[DuPont]], in an all-stock deal. The combined company, which will be known as DowDuPont, will have an estimated value of $130 billion, be equally held by the shareholders of both companies, and maintain their headquarters in Michigan and Delaware respectively. Within two years of the merger's closure, expected in late-2016 and subject to regulatory approval, DowDuPont will be split into three separate public companies, focusing on the agriculture, chemical, and specialty product industries. Estimates are it will take up to two years for the tax-free split. Shareholders of each company will hold 50% of the combined company.<ref name=wp-dowdupont>{{cite news|title=Dow and DuPont, two of America’s oldest giants, to merge in jaw-dropping megadeal|url=https://www.washingtonpost.com/news/business/wp/2015/12/11/dow-and-dupont-two-of-americas-oldest-giants-to-merge-in-job-dropping-megadeal/?hpid=hp_hp-top-table-main_dupont_dow_800am%3Ahomepage%2Fstory|accessdate=11 December 2015|work=Washington Post|date=December 11, 2015}}</ref> Dow Chemical CEO [[Andrew N. Liveris]] will become executive chairman of the new entity, while DuPont CEO [[Edward D. Breen]] will become CEO.<ref>{{cite web|url=http://www.usatoday.com/story/money/business/2015/12/11/dupont-dow-chemical-merger/77137888/|title=Dow Chemical, DuPont reach deal on merger|date=11 December 2015|work=USA TODAY}}</ref> |
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The same day, Dow also announced that it had reached a deal to acquire [[Corning Incorporated]]'s stake in their joint venture [[Dow Corning]] for $4.8 billion in cash and a roughly 40% stake in [[Hemlock Semiconductor Corporation]]. The sale is expected to close in early 2016.<ref>{{cite news|title=Corning to Swap Stake In Dow Corning For $4.8 Billion, Semiconductor Stake|url=http://www.wsj.com/articles/corning-to-sell-stake-in-dow-corning-venture-for-4-8-billion-1449846313|accessdate=11 December 2015|agency=wsj.com|publisher=wsj.com|date=11 December 2015}}</ref><ref name=bloomberg-dowdemerge>{{cite news|title=Dow Chemical to Take Full Control of Dow Corning Venture|url=http://www.bloomberg.com/news/articles/2015-12-11/dow-chemical-takes-100-percent-stake-in-dow-corning-venture|accessdate=16 December 2015|work=Bloomberg News|agency=Bloomberg}}</ref> Commentators have noted that the deal is likely to face [[antitrust]] scrutiny in several countries.<ref>Lydia Mulvany, Sara Forden, and Patrick Gower, "[http://www.bloomberg.com/news/articles/2015-12-11/dow-dupont-merger-likely-to-face-antitrust-scrutiny-worldwide Dow-DuPont Merger Likely to Face Antitrust Scrutiny Worldwide]", ''[[Bloomberg Business]]'' (December 11, 2015).</ref> |
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===Focus on higher margin business=== |
===Focus on higher margin business=== |
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Dow Chemical has begun to shed commodity chemical businesses, such as those making the basic ingredients for [[grocery bag]]s and plastic pipes, because their profit margins only average |
The Dow Chemical Company has begun to shed commodity chemical businesses, such as those making the basic ingredients for [[grocery bag]]s and plastic pipes, because their profit margins only average 5-10%. Dow is, as of 2015, focusing resources on specialty chemicals that earn margins of at least 20%.<ref name="WSJ makeover">{{cite web|last1=Cameron|first1=Doug|title=Dow Chemical Launches Makeover|url=http://www.wsj.com/articles/SB10001424052702303670804579233752006973342|website=WSJ|publisher=WSJ|accessdate=7 October 2015}}</ref><ref name="Forbes chlorine" /> This is in line with its restructuring, together with reducing debt, and expecting to raise more than $11 billion from [[asset]] sales by mid-2016.<ref name=Zacks>{{cite web|title=Dow Chemical Starts Exchange Offer for Chlorine Carve-out|url=http://www.zacks.com/stock/news/189253/dow-chemical-starts-exchange-offer-for-chlorine-carveout|website=Zacks|publisher=Zacks|accessdate=7 October 2015}}</ref> |
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[[File:Dow Chemical works - geograph.org.uk - 650287.jpg|thumb|Dow |
[[File:Dow Chemical works - geograph.org.uk - 650287.jpg|thumb|Dow works in [[Kings Lynn]].]] |
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==Sustainability & corporate social responsibility== |
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In 1995, Dow launched its first set of 10-year goals.<ref name="LeeRamasamy2014">{{cite book|author1=Sam Yoonsuk Lee|author2=Ambigaibalan Ramasamy|author3=Jay Hyuk Rhee|title=Green Leadership in China: Management Strategies from China's Most Responsible Companies|url=http://books.google.com/books?id=aLoqBAAAQBAJ&pg=PA34|date=18 June 2014|publisher=Springer|isbn=978-3-642-55058-4|pages=34–}}</ref> By 2005, its Sustainability Goals focused on saving energy, conserving resources, and reusing waste.<ref name="LeeRamasamy2014" /> The company then launched its 2015 Sustainability Goals, in which the company pledged to use science and technology to address several social and environmental challenges and reduce its global [[carbon footprint|footprint]].<ref name="LeeRamasamy2014" /><ref name="Dow goals">{{cite web|title=2015 SUSTAINABILITY GOALS|url=http://www.dow.com/en-us/science-and-sustainability/sustainability-reporting/2015-sustainability-goals|website=Dow|publisher=Dow|accessdate=7 October 2015}}</ref> As part of these goals, the company's [[corporate social responsibility]] arm commits itself to help address [[climate change]], protect human health, and improve energy efficiency, among others. Addressing these goals, Dow has created a process for purifying water via [[reverse osmosis]] with a reduction of energy usage of 30%; it has also created a pathway to produce [[Omega-9]] oils, thus trying to reduce the amount of harmful fats, such as [[trans fats]] from the American diet.<ref name=environmentalleader>{{cite web|title=Dow Water Technology Cuts Costs 19%|url=http://www.environmentalleader.com/2014/05/05/dow-water-technology-cuts-costs-19/|website=environmentalleader|publisher=environmentalleader|accessdate=7 October 2015}}</ref><ref name="Michigan live">{{cite web|last1=Lynch-Morin|first1=Kathryn|title=Dow Chemical calls its Omega-9 Healthy Oils a 'breakthrough' to world challenges|url=http://www.mlive.com/business/mid-michigan/index.ssf/2012/06/dow_chemical_calls_its_omega-9.html|website=Michigan live|publisher=Michigan live|accessdate=7 October 2015}}</ref> |
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Dow launched its 2025 Sustainability Goals in April, 2015. Its five goals include [[carbon offsetting|offsetting]] three times more [[carbon dioxide]] throughout its products' life cycles, facilitate the turning of waste into new products, generating $1 billion in cost savings or new [[cash flow]], give 600 thousand hours to support students and teachers in several fields of education, and reducing its water consumption, among others.<ref name="Dow 2025">{{cite web|title=Dow Launches 2025 Sustainability Goals to Help Redefine the Role of Business in Society|url=http://www.dow.com/news/press-releases/dow%20launches%202025%20sustainability%20goals%20to%20help%20redefine%20the%20role%20of%20business%20in%20society|website=Dow|publisher=Dow|accessdate=7 October 2015}}</ref><ref name="The Guardian society">{{cite web|last1=Winston|first1=Andrew|title=Businesses do – and should – play a role in creating a better society|website=The Guardian|publisher=The Guardian|accessdate=7 October 2015}}</ref> Most notably, its concept considering "natural capital" as part of major capital expenditures was inspired by its collaboration with the Nature Conservancy. This collaboration saw the creation of a coastal [[wetland]] to mitigate the impact of one of Dow's Texas plants. Dow's goal is to replicate this experience across other projects.<ref name=GreenBiz>{{cite web|last1=Clancy|first1=Heather|title=Dow's plan to bank $1 billion on natural capital by 2025|url=http://www.greenbiz.com/article/dow-chemical-thinks-it-can-generate-1-billion-valuing-nature|website=GreenBiz|publisher=GreenBiz|accessdate=7 October 2015}}</ref> |
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=== Dioxin contamination === |
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{{See also|Dioxin controversy}} |
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Areas along Michigan's [[Tittabawassee River]], which runs within yards of Dow's main plant in [[Midland, Michigan|Midland]], were found to contain elevated levels of the cancer-causing chemical [[Polychlorinated dibenzodioxins|dioxin]] in November 2006. The dioxin was located in sediments two to ten feet below the surface of the river, and, according to the ''[[New York Times]]'', "there is no indication that residents or workers in the area are directly exposed to the sites".<ref name=barringer2>{{cite news|last=Barringer|first=Felicity|title=E.P.A. and Dow in Talks on Dioxin Cleanup at Main Factory|work=The New York Times|date=July 4, 2007|url=http://www.nytimes.com/2007/07/04/us/04dioxin.html|accessdate=2008-04-17}}</ref> However, people who often eat fish from the river had slightly elevated levels of dioxin in their blood.<ref name=barringer2/> In July 2007, Dow reached an agreement with the [[United States Environmental Protection Agency|Environmental Protection Agency]] to remove {{convert|50000|cuyd|m3}} of sediment from three areas of the riverbed and levees of the river that had been found to be contaminated.<ref name=barringer>{{cite news|last=Barringer|first=Felicity|title=Michigan: Dioxin Deal|work=The New York Times|url=http://www.nytimes.com/2007/07/18/us/18brfs-dioxin.html|date=July 18, 2007|accessdate=2008-04-17}}</ref> In November 2008, Dow Chemical along with the [[United States Environmental Protection Agency]] and [[Michigan Department of Environmental Quality]] agreed to establish a [[Superfund]] to address dioxin cleanup of the Tittabawassee River, [[Saginaw River]] and [[Saginaw Bay]].<ref>{{cite web|url=http://ourmidland.com/articles/2008/11/12/local_news/1362469.txt|title=Superfund Alternative Site possible on Tittabawassee|date=November 11, 2008|accessdate=2008-11-12}}</ref> |
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Dow supports its [[STEM_fields#Education|STEM education]] program by providing financial support and stimulating employee involvement.<ref name="Change the Equation">{{cite web|title=Change the Equation - Dow Chemical|url=http://changetheequation.org/commitment-to-excellence/dow-chemical|website=Change the Equation|publisher=Change the Equation|accessdate=7 October 2015}}</ref><ref name="Philadelphia Business Journal">{{cite web|last1=Tang|first1=Stephen S.|last2=Spielman|first2=Darren A.|title=Tang and Spielman: It's time to get serious about STEM education|url=http://www.bizjournals.com/philadelphia/blog/guest-comment/2015/06/tang-and-spielman-its-time-to-get-serious-about.html|website=Philadelphia Business Journal|publisher=Philadelphia Business Journal|accessdate=7 October 2015}}</ref> |
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=== Sale of herbicide business === |
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In December 2015, Dow Chemicals agreed to sell its global [[herbicide]] business as low crop prices prompted consolidation in the agricultural sector.<ref>{{cite web|title= Dow sells portfolio of herbicides amid consolidation drive|url=http://www.reuters.com/article/2015/12/01/us-dow-herbicide-sale-idUSKBN0TK31920151201#ivg1thgv6Fx76wc1.97 |website=Reuters|date=2 December 2015}}</ref> |
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==Environmental record== |
==Environmental record== |
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| url = http://www.bizjournals.com/albany/stories/2003/12/15/daily3.html?page=all |
| url = http://www.bizjournals.com/albany/stories/2003/12/15/daily3.html?page=all |
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}}</ref> to the state of New York for making illegal safety claims related to its pesticides. The New York Attorney General's Office stated that Dow AgroSciences had violated a 1994 agreement with the State of New York to stop advertisements making safety claims about its pesticide products. Dow stated that it was not admitting to any wrongdoing, and that it was agreeing to the settlement to avoid a costly court battle.<ref>{{cite journal |title=COMPANY NEWS; DOW CHEMICAL UNIT TO PAY $2 MILLION PENALTY FOR ADS |journal=New York Times |date=December 16, 2003 |url=http://www.nytimes.com/2003/12/16/business/company-news-dow-chemical-unit-to-pay-2-million-penalty-for-ads.html |accessdate=2015-03-06 }}</ref><ref name="New York State Attorney General Office ">{{cite web | url=http://www.ag.ny.gov/press-release/dow-subsidiary-pay-2-million-making-false-safety-claims-pesticide-ads | title=Dow Subsidiary To Pay $2 Million For Making False Safety Claims In Pesticide Ads | publisher=New York State Attorney General Office 2015 | date=15 December 2003 | accessdate=6 March 2015}}</ref> |
}}</ref> to the state of [[New York]] for making illegal safety claims related to its pesticides. The [[New York Attorney General]]'s Office stated that [[Dow AgroSciences]] had violated a 1994 agreement with the State of New York to stop advertisements making safety claims about its pesticide products. Dow stated that it was not admitting to any wrongdoing, and that it was agreeing to the settlement to avoid a costly court battle.<ref>{{cite journal |title=COMPANY NEWS; DOW CHEMICAL UNIT TO PAY $2 MILLION PENALTY FOR ADS |journal=New York Times |date=December 16, 2003 |url=http://www.nytimes.com/2003/12/16/business/company-news-dow-chemical-unit-to-pay-2-million-penalty-for-ads.html |accessdate=2015-03-06 }}</ref><ref name="New York State Attorney General Office ">{{cite web | url=http://www.ag.ny.gov/press-release/dow-subsidiary-pay-2-million-making-false-safety-claims-pesticide-ads | title=Dow Subsidiary To Pay $2 Million For Making False Safety Claims In Pesticide Ads | publisher=New York State Attorney General Office 2015 | date=15 December 2003 | accessdate=6 March 2015}}</ref><ref name="Law360 colo">{{cite web|last1=Rodríguez|first1=Juan Carlos|title=Dow Agrees To EPA Deal Over Colo. Superfund Site|url=http://www.law360.com/articles/469004/dow-agrees-to-epa-deal-over-colo-superfund-site|website=Law360|publisher=Law360|accessdate=7 October 2015}}</ref> |
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According to the |
According to the EPA, Dow has some responsibility for 96 of the United States' Superfund [[toxic waste]] sites, placing it in 10th place by number of sites.{{citation needed}} One of these, a former UCC [[uranium]] and [[vanadium]] processing facility near [[Uravan, Colorado]], is listed as the sole responsibility of Dow.<ref>{{cite web|url=http://www.epa.gov/region08/sf/sites/co/uravan.html |archiveurl=http://web.archive.org/web/20040908170056/http://www.epa.gov/region08/sf/sites/co/uravan.html |archivedate=2004-09-08 |title=Internet Archive Wayback Machine |publisher=Web.archive.org |date=2004-09-08 |accessdate=2012-02-28}}</ref><ref>{{cite web|url=http://www.uravan.com/UnionCarbidead.htm |title=Union Carbide ad |publisher=Uravan.com |date=2000-02-20 |accessdate=2012-02-28}}</ref> The rest are shared with numerous other companies. Fifteen sites have been listed by the EPA as finalized (cleaned up) and 69 are listed as "construction complete", meaning that all required plans and equipment for cleanup are in place.<ref>[http://www.publicintegrity.org/superfund/Company.aspx?act=10312 Center for Public Integrity]{{dead link}}</ref><ref name="Law360 can't be">{{cite web|last1=Fischler|first1=Jacob|title=Shipping Co. Claims It Can’t Be Sued In Texas Superfund Row|url=http://www.law360.com/articles/634982/shipping-co-claims-it-can-t-be-sued-in-texas-superfund-row|website=Law360|publisher=Law360|accessdate=7 October 2015}}</ref><ref name="Law360 costs">{{cite web|last1=Sundar|first1=Sindhu|title=Dow Hits Texas Cos. Over Superfund Recovery Costs|url=http://www.law360.com/articles/483788/dow-hits-texas-cos-over-superfund-recovery-costs|website=Law360|publisher=Law360|accessdate=7 October 2015}}</ref> |
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In 2007, the chemical industry trade association |
In 2007, the chemical industry trade association - the [[American Chemistry Council]] - gave Dow an award of 'Exceptional Merit' in recognition of longstanding energy efficiency and conservation efforts. Between 1995 and 2005, Dow reduced energy intensity ([[BTU]] per pound produced) by 22%. This is equivalent to saving enough electricity to power eight million US homes for a year.<ref name="CSR News">{{cite web|last1=van het Hof|first1=Walter|title=Dow Wins 2006 ACC Responsible Care Energy Efficiency Award|url=http://www.csrwire.com/press_releases/25925-Dow-Wins-2006-ACC-Responsible-Care-Energy-Efficiency-Award|website=CSR News|publisher=CSR News|accessdate=7 October 2015}}</ref> The same year, Dow subsidiary, Dow Agrosciences, won a United Nations [[Montreal Protocol]] Innovators Award for its efforts in helping replace [[methyl bromide]] - a compound identified as contributing to the depletion of the [[ozone layer]]. In addition, Dow Agrosciences won an EPA "Best of the Best" Stratospheric Ozone Protection Award.<ref>{{cite web|url=http://www.seedtoday.com/articles/Dow_Agrosciences_Wins_UN_Award_for_Methyl_Bromide_Alternative-48678.html |title=Dow Agrosciences Wins UN Award for Methyl Bromide Alternative |publisher=Seed Today |date=2007-09-21 |accessdate=2012-02-28}}</ref> The United States Environmental Protection Agency named Dow as a 2008 [[Energy Star]] Partner of the Year for excellence in energy management and reductions in [[greenhouse gas]] emissions.<ref>{{cite news | title = EPA Names The Dow Chemical Co. 2008 ENERGY STAR Partner of the Year | publisher = MSN Money | date = 18 March 2008| url = http://news.moneycentral.msn.com/ticker/article.aspx?Feed=PR&Date=20080314&ID=8341331&Symbol=DOW | accessdate =7 October 2015}}</ref> |
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==Board of directors== |
==Board of directors== |
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Current members of the [[board of directors]] of |
Current members of the [[board of directors]] of the Dow Chemical Company are: |
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*[[Ajay Banga]] - President and CEO, [[Mastercard|MasterCard]] Incorporated<ref name="dow.com" /> |
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* [[Arnold Allemang]] – Adviser, The Dow Chemical Co.<ref>http://sankalpindia.net/drupal/files/bhopal.JPG</ref> |
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* |
*[[Jacqueline Barton|Jacqueline K. Barton]] - Arthur and Marian Hanisch Memorial Professor of Chemistry, Chair, Division of Chemistry and Chemical Engineering, [[California Institute of Technology]]<ref name="dow.com">[http://www.dow.com/investors/corpgov/leader/board.htm Board of Directors]. Dow.com. Retrieved on 2013-08-17.</ref> |
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* |
*[[James A. Bell]] - former Executive Vice President, Corporate President and CFO, The [[Boeing]] Company<ref name="dow.com" /> |
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* |
*[[Richard K. Davis]] - Chairman, President and CEO, [[U.S. Bancorp]]<ref name="dow.com" /> |
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* |
*[[Jeff M. Fettig]] - Chairman and CEO, [[Whirlpool Corporation]]<ref name="dow.com" /> |
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* |
*[[Mark Loughridge]] - former CFO, International Business Machines ([[IBM]])<ref name="dow.com" /> |
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* |
*[[Raymond J. Milchovich]] – Lead Director, [[Nucor|Nucor Corporation]]; former Chairman and CEO, [[Foster Wheeler AG]]<ref name="dow.com" /> |
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*[[Robert S. Miller]] – President and CEO, International Automotive Components (IAC) Group; former CEO, [[Beechcraft|Hawker Beechcraft, Inc.]]; former Executive Chairman, [[Delphi Automotive|Delphi]]<ref name="dow.com" /> |
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* [[Dennis H. Reilley]] – Former chairman [[Covidien]] Ltd.<ref name="dow.com"/> |
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* |
*[[Paul Polman]] – CEO, [[Unilever PLC]] and Unilever N.V.<ref name="dow.com" /> |
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* |
*[[Andrew N. Liveris]] – President, CEO and Chairman, the Dow Chemical Company<ref name="dow.com" /> |
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*[[Dennis H. Reilley]] - Non-Executive Chairman, [[Marathon Oil|Marathon Oil Corporation]]; former Chairman, [[Covidien Ltd.]]<ref name="dow.com" /> |
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*[[James M. Ringler]] – Chairman, [[Teradata|Teradata Corporation]]<ref name="dow.com" /> |
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*[[Ruth G. Shaw]] - former Group Executive for Public Policy and President, Duke Nuclear; former President and CEO, [[Duke Energy Corp.]]<ref name="dow.com" /> |
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==2007 dismissal of senior executives== |
==2007 dismissal of senior executives== |
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On April 12, 2007, Dow dismissed two senior executives for "unauthorized discussions with third parties about the potential sale of the company" - the two figures were executive vice president [[Romeo Kreinberg]], and director and former [[CFO]] [[Pedro Reinhard|J. Pedro Reinhard]]. Dow claimed they were secretly in contact with [[JPMorgan Chase]]; at the same time, a story surfaced in Britain's ''[[Sunday Express]]'' regarding a possible leveraged buyout of Dow.<ref>{{cite book|title=Chemical Week|url=http://books.google.com/books?id=Y_ZJAQAAIAAJ|year=2007|publisher=McGraw-Hill}}</ref> The two executives filed lawsuits claiming they were fired for being a threat to CEO Liveris, and that the allegations were concocted as a pretext.<ref>{{Cite news | title =Former Dow executives fight back | newspaper =[[Chemical and Engineering News]] | page =12 | date =May 14, 2007 | url =http://pubs.acs.org/cen/news/85/i20/8520notw6.html }}</ref> However, in June 2008, Dow and the [[wikt:litigant|litigants]] announced a settlement in which Kreinberg and Reinhard dropped their lawsuits and admitted taking part in discussions "which were not authorized by, nor disclosed to, Dow's board concerning a potential LBO" and acknowledged that it would have been appropriate to have informed the CEO and board of the talks.<ref>{{Cite news | title =Case Closed | newspaper =[[Chemical and Engineering News]] | page =10 | date =June 19, 2008 | url =http://pubs.acs.org/cen/news/86/i23/8623notw2.html | postscript =<!--None--> }}</ref> |
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==Major collaborations== |
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On April 12, 2007, Dow dismissed two senior executives for "unauthorized discussions with third parties about the potential sale of the company". The two figures are executive vice president [[Romeo Kreinberg]], and director and former [[Chief Financial Officer|CFO]] J. Pedro Reinhard. Dow claims they were secretly in contact with [[JPMorgan Chase]]; at the same time, a story surfaced in Britain's ''[[Sunday Express]]'' regarding a possible [[leveraged buyout]] of Dow. The two executives have since filed lawsuits claiming they were fired for being a threat to CEO Liveris, and that the allegations were concocted as a pretext.<ref>{{Cite news | title =Former Dow executives fight back | newspaper =[[Chemical and Engineering News]] | page =12 | date =May 14, 2007 | url =http://pubs.acs.org/cen/news/85/i20/8520notw6.html }}</ref> However, in June 2008 Dow Chemical and the litigants announced a settlement in which Kreinberg and Reinhard dropped their lawsuits and admitted taking part in discussions "which were not authorized by, nor disclosed to, Dow's board concerning a potential LBO" and acknowledged that it would have been appropriate to have informed the CEO and board of the talks.<ref>{{Cite news | title =Case Closed | newspaper =[[Chemical and Engineering News]] | page =10 | date =June 19, 2008 | url =http://pubs.acs.org/cen/news/86/i23/8623notw2.html | postscript =<!--None--> }}</ref> |
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Dow sponsors and collaborates with partners such as [[Change the Equation]], [[Habitat for Humanity]] and [[Keep America Beautiful]].<ref name="Change the Equation" /><ref name="Inside Philanthropy">{{cite web|last1=Moses|first1=Sue-Lynn|title=Dow’s Habitat for Humanity Expansion Efforts to Include WASH|url=http://www.insidephilanthropy.com/water-access/2015/4/20/dows-habitat-for-humanity-expansion-efforts-to-include-wash.html|website=Inside Philanthropy|publisher=Inside Philanthropy|accessdate=7 October 2015}}</ref><ref name=KAB>{{cite web|title=Keep America Beautiful - Dow|url=http://www.kab.org/site/PageServer?pagename=GAC_sponsorPg_Dow|website=KAB|publisher=KAB|accessdate=7 October 2015}}</ref> |
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In September 2004, Dow obtained the naming rights to the Saginaw County Event Center in [[Saginaw, Michigan]]; the center is now called the [[Dow Event Center]]. The [[Saginaw Spirit]] (of the [[Ontario Hockey League]]) plays at the Center, which also hosts events such as professional wrestling and live theater.<ref>{{cite web | url=http://www.dow.com/facilities/namerica/michigan/outreach/eventcenter.htm | title=The Dow Event Center | publisher=The Dow Chemical Co. | accessdate = 2006-06-27 |archiveurl = http://web.archive.org/web/20060427104235/http://www.dow.com/facilities/namerica/michigan/outreach/eventcenter.htm <!-- Bot retrieved archive --> |archivedate = 2006-04-27}}</ref><ref>{{cite web | url = http://www.doweventcenter.com/ | title=Welcome to the Dow Event Center | publisher=Dow Event Center | accessdate = 2006-06-27}}</ref> |
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==Major sponsorships== |
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In July 2010, Dow became a worldwide partner of the [[Olympic Games]]. The sponsorship extends to 2020.{{cn |date=December 2015}} |
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In October 2006, Dow bought the naming rights to the stadium used by the [[Great Lakes Loons]], a [[Midwest League|Single-A]] [[minor league baseball]] team located in its hometown of Midland, Michigan. The stadium is called [[Dow Diamond]].<ref name="Mullin2014">{{cite book|author=Timothy Mullin|title=Baseball Road Trips: The Midwest and Great Lakes|url=http://books.google.com/books?id=e98EAwAAQBAJ&pg=PA99|date=1 April 2014|publisher=Triumph Books|isbn=978-1-60078-969-4|pages=99–}}</ref> The Dow Foundation played a key role in bringing the Loons to the city.<ref>{{cite book|title=Michigan Travel Ideas|url=http://books.google.com/books?id=EqXhAAAAMAAJ|year=2007|publisher=Midwest Living}}</ref><ref>{{cite book|title=Broadcasting & Cable|url=http://books.google.com/books?id=ficQAQAAMAAJ|year=2008|publisher=Cahners Publishing Company}}</ref> |
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In September 2004, Dow obtained the naming rights to the Saginaw County Event Center in [[Saginaw]], [[Michigan]]; the center is now called the [[Dow Event Center]]. The [[Saginaw Spirit]] (of the [[Ontario Hockey League]]) plays at the Center, which also hosts events such as [[professional wrestling]] and live theater.<ref>{{cite web | url=http://www.dow.com/facilities/namerica/michigan/outreach/eventcenter.htm | title=The Dow Event Center | publisher=The Dow Chemical Co. | accessdate = 2006-06-27 |archiveurl = https://web.archive.org/web/20060427104235/http://www.dow.com/facilities/namerica/michigan/outreach/eventcenter.htm <!-- Bot retrieved archive --> |archivedate = 2006-04-27}}</ref><ref>{{cite web | url = http://www.doweventcenter.com/ | title=Welcome to the Dow Event Center | publisher=Dow Event Center | accessdate = 2006-06-27}}</ref> |
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In July 2010, Dow Dow signed a 10-year deal with the [[International Olympic Committee]] and became the Official Chemistry Company of the [[Olympic Games]]. The sponsorship extends to 2020.<ref name="Bloomberg olympics">{{cite web|last1=Kaskey|first1=Jack|title=Dow Chemical to Sponsor Olympics Games Through 2020|url=http://www.bloomberg.com/news/articles/2010-07-16/dow-chemical-agrees-to-worldwide-sponsorship-of-olympics-through-2020|website=Bloomberg|publisher=Bloomberg|accessdate=7 October 2015}}</ref> Dow aimed to use "its chemistry, technology, and science" to help make the Olympic Games "more sustainable, higher performing, and safer" for participants.<ref name="IOC Marketing Report">{{cite web|title=IOC Marketing Report|url=http://www.olympic.org/Documents/IOC_Marketing/London_2012/LR_IOC_MarketingReport_medium_res1.pdf|website=IOC Marketing Report|publisher=IOC Marketing Report|accessdate=7 October 2015}}</ref> Dow sponsored the [[Olympic Stadium (London)|Olympic Stadium]] wrap during the [[2012 London Olympics]], and was involved in [[carbon footprint]] [[Climate change mitigation|mitigation]] programs for the [[Sochi Winter Olympics]], and the [[2016 Summer Olympics|2016 Rio Olympics]].<ref name="BBC News wrap">{{cite web|last1=Hirst|first1=Michael|title=London 2012: How does Dow Chemical gain from Olympics?|url=http://www.bbc.com/news/uk-16661107|website=BBC News|publisher=BBC News|accessdate=7 October 2015}}</ref><ref>{{cite news|url=http://www.telegraph.co.uk/sport/olympics/9138932/London-2012-Olympics-David-Cameron-backs-Dow-Chemicals-sponsorship-of-Games.html|title=Dow Chemical Co.|accessdate=2012-05-31 | work=The Daily Telegraph|first=Jacquelin|last=Magnay|date=2012-03-12}}</ref><ref name="Reuters Rio">{{cite web|last1=TEIXEIRA|first1=MARCELO|title=Rio 2016 says it will offset 3.6 mln tonnes of emissions at Games|url=http://www.reuters.com/article/2014/10/30/us-carbon-olympics-rio-idUSKBN0IJ2QN20141030|website=Reuters|publisher=Reuters|accessdate=6 November 2015}}</ref><ref name="Sustainable Brands olym">{{cite web|last1=Hower|first1=Mike|title=Dow Chemical Named Official Carbon Partner for 2014 Winter Olympics|url=http://www.sustainablebrands.com/news_and_views/articles/dow-chemical-named-official-carbon-partner-2014-winter-olympics|website=Sustainable Brands|publisher=Sustainable Brands|accessdate=6 November 2015}}</ref> |
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In October 2006, Dow bought the naming rights to the stadium used by the [[Great Lakes Loons]], a [[Midwest League|Single-A]] [[minor league baseball]] team located in its hometown of [[Midland, Michigan]]. The stadium is called [[Dow Diamond]]. The Dow Foundation played a key role in bringing the Loons to the city. |
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Dow also sponsors [[NASCAR Sprint Cup Series]] driver [[Austin Dillon]]'s #3 Chevrolet.<ref name=Nascar>{{cite web|last1=Bruce|first1=Kenny|title=DILLON TO DRIVE NO. 3 SPRINT CUP CAR FOR RCR|url=http://www.nascar.com/en_us/news-media/articles/2013/12/11/austin-dillon-driving-number-3-car-dale-earnhardt-sprint-cup-series.html|website=Nascar.com|publisher=Nascar|accessdate=7 October 2015}}</ref> |
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In 2010, Dow signed a $100m (£63m) 10-year deal with the [[International Olympic Committee]] and agreed to sponsor the £7m Olympic Stadium wrap.<ref>{{cite news|url=http://www.telegraph.co.uk/sport/olympics/9138932/London-2012-Olympics-David-Cameron-backs-Dow-Chemicals-sponsorship-of-Games.html|title=Dow Chemical Co.|accessdate=2012-05-31 | work=The Daily Telegraph|first=Jacquelin|last=Magnay|date=2012-03-12}}</ref> Dow also sponsors [[NASCAR Sprint Cup Series]] driver Austin Dillon's #3 Chevrolet. |
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==Major collaborations== |
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===Lab Safety Academy=== |
===Lab Safety Academy=== |
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On May 20, 2013, Dow launched the Dow Lab Safety Academy, a website that includes a |
On May 20, 2013, Dow launched the Dow Lab Safety Academy, a website that includes a collection of videos and resources that demonstrate best practices in [[laboratory safety]].<ref name"CEN">{{cite news|url=http://cen.acs.org/articles/91/web/2013/05/Dow-Unveils-Lab-Safety-Website.html |title=Dow Chemical Unveils Safety Website |accessdate=2013-06-17 | work=The Daily Telegraph}}</ref> The goal of the website is to improve awareness of safety practices in academic research laboratories and to help the future chemical workforce develop a safety mindset. As such, the Dow Lab Safety Academy is primarily geared toward university students.<ref name="DavisWhite2015">{{cite book|author1=Gerald Davis|author2=Christopher White|title=Changing Your Company from the Inside Out: A Guide for Social Intrapreneurs|url=http://books.google.com/books?id=-IEyBgAAQBAJ&pg=PT85|date=24 February 2015|publisher=Harvard Business Review Press|isbn=978-1-4221-8510-0|pages=85–}}</ref> However, Dow has made the content open to all, including those already employed in the chemical industry. The Dow Lab Safety Academy is also available through the Safety and Chemical Engineering Education program, an affiliate of [[American Institute of Chemical Engineers]]; and [[The Campbell Institute]], an organization focusing on environment, health and safety practices.<ref name"CEN" /> |
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The Dow Lab Safety Academy is one component of Dow’s larger laboratory safety initiative launched in early 2012, following a report from the U.S. Chemical Safety Board<ref>{{cite news|url=http://www.csb.gov/videos/experimenting-with-danger/|title=Experimenting With Danger |accessdate=2013-06-17 | work=U.S Chemical Safety Board}}</ref> that highlighted the potential hazards associated with conducting research at chemical laboratories in academic institutions. Seeking to share industry best practices with academia, Dow partnered with several U.S. research universities to improve safety awareness and practices in the departments of chemistry, chemical engineering, engineering and materials. Through the pilot programs with [[U.C. Santa Barbara]] |
The Dow Lab Safety Academy is one component of Dow’s larger laboratory safety initiative launched in early 2012, following a report from the [[U.S. Chemical Safety and Hazard Investigation Board|U.S. Chemical Safety Board]]<ref>{{cite news|url=http://www.csb.gov/videos/experimenting-with-danger/|title=Experimenting With Danger |accessdate=2013-06-17 | work=U.S Chemical Safety Board}}</ref> that highlighted the potential hazards associated with conducting research at chemical laboratories in academic institutions. Seeking to share industry best practices with academia, Dow partnered with several U.S. research universities to improve safety awareness and practices in the departments of chemistry, chemical engineering, engineering and materials. Through the pilot programs with [[U.C. Santa Barbara]], [[University of Minnesota]], and [[Pennsylvania State University]], Dow worked with [[graduate student]]s and faculty to identify areas of improvement and develop a culture of laboratory safety.<ref name=chemistryworld>{{cite web|last1=Broadwith|first1=Philip|title=Laboratory safety goes digital|url=http://www.rsc.org/chemistryworld/2013/06/laboratory-safety-digital-dow|website=chemistryworld|publisher=chemistryworld|accessdate=7 October 2015}}</ref> |
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===Nature Conservancy=== |
===Nature Conservancy=== |
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In January 2011, The |
In January 2011, The Nature Conservancy and the Dow Chemical Co. announced a collaboration<ref>{{cite news|url=http://www.nature.org/about-us/working-with-companies/companies-we-work-with/dow/corporate-partners-dow-intro.xml|title=Nature Conservancy and Dow announce collaboration|accessdate=2013-06-27}}</ref> to integrate the value of nature into business decision-making. Scientists, engineers, and economists from The Nature Conservancy and Dow are working together at three pilot sites (North America, Latin America, and TBD<ref>{{cite news|url=http://www.nature.org/newsfeatures/pressreleases/the-nature-conservancy-and-dow-announce-collaboration-pilot-site-in-brazil.xml|title=Nature Conservancy and Dow announce collaboration pilot sites in Brazil|accessdate=2013-06-27}}</ref>) to implement and refine models that support corporate decision-making related to the value and resources nature provides. Those ecosystem services include water, land, air, oceans and a variety of plant and animal life. These sites will serve as a "living laboratories", to validate and test methods and models so they can be used to inform more sustainable business decisions at Dow, with a goal to influence the decision-making and business practices of other companies.<ref>{{cite web|url=http://www.dow.com/sustainability/change/nature_conserv.htm|title=The Economics of Ecosystems|accessdate=2013-06-27}}</ref> |
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[[File:Bettye Washington Greene at work.tif|thumb|185px|[[Bettye Washington Greene]], first professional African American woman chemist at Dow.]] |
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==Outlook== |
==Outlook== |
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According to the [[American Chemistry Council]], chemical production in the U.S. will continue to expand across 2015 and 2016, spurring the growth of companies such as Dow. As for exports, there may be a reduction in their overall attractiveness in overseas markets due to the stronger dollar. At the same time, the production costs are set to decrease, given the abundant supply of [[shale gas]] and [[natural gas]]. This will likely mean increased exports in the long run.<ref name=ACC>{{cite web|title=ACC Sees U.S. Chemicals Growth to Top GDP, But Cuts View - Analyst Blog|url=http://www.nasdaq.com/article/acc-sees-us-chemicals-growth-to-top-gdp-but-cuts-view-analyst-blog-cm486286|website=Nasdaq.com|publisher=Zacks.com|accessdate=7 October 2015}}</ref> |
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Dow CEO [[Andrew N. Liveris]] called 2005 the company's "best year ever" with operating profits of $5.4 billion, a jump of 56.5 percent compared with the previous year.<ref>"Top 50 Chemical Producers", ''Chemical and Engineering News'', Vol. 84, Issue 20 (May 15, 2006), pp 10–15</ref> Net income rose more than 60 percent to $4.5 billion, on sales of $46.3 billion. 2006 looks as if it could be even better, with first-quarter net earnings of $1.2 billion.<ref name="liveris">''"Liveris Tells It Like It Is", Chemical and Engineering News'', Vol. 84, Issue 22 (May 29, 2006), pp 10–15</ref> All this is occurring in the context of adverse operating conditions, caused by high energy and raw material costs, and the effects of two damaging hurricanes. |
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Liveris supports the vertically integrated approach used at Dow, which produces everything from basic chemical feedstocks to high value products such as pesticides and reverse osmosis membranes. These value-adding product chains, along with Dow's wide product range, help the company to weather the storms of the global economy. Despite this, high energy and feedstock costs may begin to take their toll, particularly if global demand begins to fall just as supply is rising. |
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Like many chemical companies, Dow is facing pressures of regulation in the US and [[Economy of the European Union|Europe]], particularly as the [[European Union|EU]] introduces its new [[Registration, Evaluation and Authorisation of Chemicals|REACH]] policy. Litigation costs in the US taken over by Dow as a result of its 2001 takeover of [[Union Carbide]] also remain a concern. |
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With annual sales of over $58 billion and a net income of around $3.8 billion for 2014, Dow has consolidated its top-tier position in the overall economy. Its [[earnings per share]] adjusted for [[Non-operating income|non-operating items]] increased by almost 25% [[wikt:year-on-year|year-on-year]], and while the company might reduce productivity costs due to higher [[operating leverage]], the decrease in the price of oil will likely cut their short term profits.<ref name="Forbes outlook">{{cite web|last1=Trefis|first1=Team|title=Dow Continues Margin Expansion But Lower Oil Prices Weigh On Outlook|url=http://www.forbes.com/sites/greatspeculations/2015/02/03/dow-continues-margin-expansion-but-lower-oil-prices-weigh-on-outlook/|website=Forbes|publisher=Forbes|accessdate=7 October 2015}}</ref> However, CEO [[Andrew Liveris]] has pointed out that the increased demand due to lower oil prices might in fact increase profits, in part as a result of Dow's ongoing [[divestment]] program.<ref name="Forbes outlook" /> He went as far as to say that the lower cost of natural gas as opposed to [[crude oil]] will add $2.5 billion per year to its earnings.<ref name="CEN2">{{cite journal|title=Chemical Outlook 2015 By Market|journal=Chemical and Engineering News|date=January 12, 2015|volume=93|issue=2|page=9-15|url=http://cen.acs.org/articles/93/i2/Chemical-Outlook-2015-Market.html|accessdate=7 October 2015}}</ref> |
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For these reasons, Dow is looking to the Middle East and Asia for new projects. In [[Kuwait]], Dow is constructing (with [[Petrochemical Industries Company|PIC of Kuwait]]) a new world-scale [[petroleum cracking|ethane cracker]] for production of [[ethylene]], along with an [[ethylene oxide]]/[[ethylene glycol]] plant and (for 2008) a facility for production of [[aromatic hydrocarbon]]s. In [[Oman]], the company is working with the Oman government to build a new world-scale [[polyethylene]] plant. In China, the company is collaborating with [[Shenhua Group]] (the country's largest [[coal mining]] company) to improve [[catalyst]] efficiency to allow viable conversion of [[coal]] to [[alkene|olefin]]s. Dow is also seeking to expand its [[Research and development|R&D]] presence in Asia, adding 600 jobs in [[Shanghai]] by the end of 2007, and the company may open up a large R&D center in India. |
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The lower energy and [[feedstock]] prices will, in turn, feed manufacturing, thus potentially increasing Dow's profits.<ref name="CEN2" /> The company has several projects underway in [[sub-Saharan Africa]], and the $20 billion Sadara complex in Saudi Arabia.<ref name="Crain's Detroit Business">{{cite web|last1=Cohen|first1=Mike|title=Dow Chemical extends footprint in Africa as sales growth soars|url=http://www.crainsdetroit.com/article/20150605/NEWS01/150609915/dow-chemical-extends-footprint-in-africa-as-sales-growth-soars|website=Crain's Detroit Business|publisher=Crain's Detroit Business|accessdate=7 October 2015}}</ref> All in all, the company's first-quarter net income for 2015 rose to 84 cents a share.<ref name="Bloomberg share price">{{cite web|title=Dow Chemical's Liveris on Growth Strategy, Outlook|url=http://www.bloomberg.com/news/videos/b/70d8b33f-0768-45d8-ab79-37c42eba7c11|website=Bloomberg|publisher=Bloomberg|accessdate=7 October 2015}}</ref><ref name="Dow - 10Q">{{cite web|title=Dow - 10Q SEC filing|url=http://phx.corporate-ir.net/phoenix.zhtml?c=80099&p=irol-SECText&TEXT=aHR0cDovL2FwaS50ZW5rd2l6YXJkLmNvbS9maWxpbmcueG1sP2lwYWdlPTEwNTQwMTg3JkRTRVE9MCZTRVE9MCZTUURFU0M9U0VDVElPTl9FTlRJUkUmc3Vic2lkPTU3|website=Dow|publisher=Dow|accessdate=16 November 2015}}</ref><ref name="The Street share">{{cite web|last1=Fukushima|first1=Kurumi|title=Dow Chemical (DOW) Stock Climbing Today Following Earnings Beat|url=http://www.thestreet.com/story/13124097/1/dow-chemical-dow-stock-climbing-today-following-earnings-beat.html|website=The Street|publisher=The Street|accessdate=3 December 2015}}</ref><ref name="MarketWatch shares">{{cite web|last1=Linnane|first1=Ciara|title=Dow Chemical beats profit estimates, but sales fall short|url=http://www.marketwatch.com/story/dow-chemical-beats-profit-estimates-but-sales-fall-short-2015-04-23|website=MarketWatch|publisher=MarketWatch|accessdate=3 December 2015}}</ref> |
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The joint ventures planned for Asia are typical of Dow's "asset-light" approach, which works by offering a combination of intellectual property and money in exchange for a share in a world-scale production facility. At the same time, Dow is considering selling a share of some of its existing assets in order to free up cash. |
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==Subsidiaries and joint ventures== |
==Subsidiaries and joint ventures== |
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Dow |
Dow has a number of [[subsidiary|subsidiaries]] and [[joint venture]]s.<ref name=10K /> |
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===Subsidiaries=== |
===Subsidiaries=== |
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*Dow Chemical Singapore Holdings Pte. Ltd. |
*Dow Chemical Singapore Holdings Pte. Ltd. |
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*Dow Chemical Taiwan Limited |
*Dow Chemical Taiwan Limited |
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*[[Dow Corning Corporation]] |
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*[[Dow AgroSciences]], LLC. |
*[[Dow AgroSciences]], LLC. |
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*[[Union Carbide Corporation]] |
*[[Union Carbide Corporation]] |
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*ANGUS Chemical Co. |
*ANGUS Chemical Co. |
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{{div col end}} |
{{div col end}} |
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===Current joint ventures=== |
===Current joint ventures=== |
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*[[Dow Corning Corporation]] |
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*EQUATE Petrochemical Co. K.S.C. |
*EQUATE Petrochemical Co. K.S.C. |
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*The Kuwait Olefins Company K.S.C. |
*The Kuwait Olefins Company K.S.C. |
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*MEGlobal |
*MEGlobal |
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*SCG-DOW Group |
*SCG-DOW Group |
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*Sadara Chemical Company |
*Sadara Chemical Company - JV between Saudi Aramco and Dow |
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*Dow-Mitsui Chlor-Alkali LLC – JV between [[Mitsui & Co.]] and Dow |
*Dow-Mitsui Chlor-Alkali LLC – JV between [[Mitsui & Co.]] and Dow |
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==Notable employees== |
==Notable employees== |
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<!--PLEASE NOTE: only notable employees |
<!--PLEASE NOTE: only notable employees are listed, with a reliable source. Not listed are executive officers, board members and consultants. --> |
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* [[George Becker (labor leader)|George Becker]], former vice president of the [[AFL-CIO]], and president of the [[United Steelworkers]]; worked at a Dow's aluminum rolling mill in [[Madison, Illinois]], where he was a shop steward.<ref>{{cite web | title = Former Steelworker President George Becker Dies | publisher = United Steelworkers | date = February 5, 2007 | url = http://www.usw.ca/media/news/releases?id=0399}}</ref> |
* [[George Becker (labor leader)|George Becker]], former vice president of the [[AFL-CIO]], and president of the [[United Steelworkers]]; worked at a Dow's aluminum rolling mill in [[Madison, Illinois]], where he was a shop steward.<ref>{{cite web | title = Former Steelworker President George Becker Dies | publisher = United Steelworkers | date = February 5, 2007 | url = http://www.usw.ca/media/news/releases?id=0399}}</ref> |
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* [[Buddy Burris]], professional football player with the [[Green Bay Packers]]; worked for Dow following his football career.<ref>{{cite web | title = Paul 'Buddy' Burris | publisher = Norman Transcript | url = http://www.normantranscript.com/obituaries/paul-buddy-burris/article_d70a4e04-261b-5d85-bcf8-2033f2a0e5a1.html?mode=jqm | accessdate = December 2014}}</ref> |
* [[Buddy Burris]], professional football player with the [[Green Bay Packers]]; worked for Dow following his football career.<ref>{{cite web | title = Paul 'Buddy' Burris | publisher = Norman Transcript | url = http://www.normantranscript.com/obituaries/paul-buddy-burris/article_d70a4e04-261b-5d85-bcf8-2033f2a0e5a1.html?mode=jqm | accessdate = December 2014}}</ref> |
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* [[Norman F. Carnahan]], chemical engineer; worked at Dow's [[Plaquemines Parish, Louisiana]] division from 1965 to 1968.<ref>{{cite web | title = Norman Carnahan | publisher = Acadian Museum | url = http://www.acadianmuseum.com/legends.php?viewID=250 | accessdate = December 2014}}</ref> |
* [[Norman F. Carnahan]], chemical engineer; worked at Dow's [[Plaquemines Parish, Louisiana]] division from 1965 to 1968.<ref>{{cite web | title = Norman Carnahan | publisher = Acadian Museum | url = http://www.acadianmuseum.com/legends.php?viewID=250 | accessdate = December 2014}}</ref> |
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* [[Sven Trygve Falck]], Norwegian engineer, businessperson and politician; Dow engineer in Texas from 1967 to 1970.<ref>{{cite web | title = Falck, Sven Trygve ( |
* [[Sven Trygve Falck]], Norwegian engineer, businessperson and politician; Dow engineer in Texas from 1967 to 1970.<ref>{{cite web | title = Falck, Sven Trygve ( 1943- ) | publisher = Stortinget | url = https://www.stortinget.no/no/Representanter-og-komiteer/Representantene/Representantfordeling/Representant/?perid=SVFA | accessdate = December 2014}}</ref> |
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* [[Larry Garner]], Louisiana blues musician; worked at Dow's [[Baton Rouge, Louisiana]] facility.<ref>{{cite web | last = Dahl | first = Bill | title = Artist Biography | publisher = AllMusic | url = http://www.allmusic.com/artist/larry-garner-mn0000128186/biography | accessdate = December 2014}}</ref> |
* [[Larry Garner]], [[Louisiana blues]] musician; worked at Dow's [[Baton Rouge, Louisiana]] facility.<ref>{{cite web | last = Dahl | first = Bill | title = Artist Biography | publisher = AllMusic | url = http://www.allmusic.com/artist/larry-garner-mn0000128186/biography | accessdate = December 2014}}</ref> |
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* [[Bettye Washington Greene]], first African-American female chemist employed at Dow; began working in 1965 at the E.C. Britton Lab.<ref>{{cite web | title = Othmeralia | publisher = Othmeralia | date = March 1, 2014 | url = http://othmeralia.tumblr.com/post/78212258500/from-african-american-history-to-womens-history}}</ref> |
* [[Bettye Washington Greene]], first African-American female chemist employed at Dow; began working in 1965 at the E.C. Britton Lab.<ref>{{cite web | title = Othmeralia | publisher = Othmeralia | date = March 1, 2014 | url = http://othmeralia.tumblr.com/post/78212258500/from-african-american-history-to-womens-history}}</ref> |
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* [[Alexandre Hohagen]], vice president for Latin America and US Hispanics at [[Facebook]]; former public relations manager for Dow |
* [[Alexandre Hohagen]], vice president for Latin America and US Hispanics at [[Facebook]]; former public relations manager for Dow Brazil.<ref>{{cite web | title = Alexandre Hohagen - Regional Managing Director for Latin America | publisher = Google.com | url = https://sites.google.com/site/gps20brazil/executive-bios-1 | accessdate = December 2014}}</ref> |
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* [[Zdravko Ježić]], Olympic silver medalist; worked for Dow in Texas on the development of urethane and oxide polymers.<ref>{{cite web | last = Trinajsti | first = Nenad | title = Zdravko Pusko Ježić | publisher = Croatica Chemica Acta | date = January 2005 | url = http://www.researchgate.net/publication/27188521_Zdravko_Jei_%2819312005%29}}</ref> |
* [[Zdravko Ježić]], Olympic silver medalist; worked for Dow in Texas on the development of [[urethane]] and [[Photo-oxidation of polymers|oxide polymers]].<ref>{{cite web | last = Trinajsti | first = Nenad | title = Zdravko Pusko Ježić | publisher = Croatica Chemica Acta | date = January 2005 | url = http://www.researchgate.net/publication/27188521_Zdravko_Jei_%2819312005%29}}</ref> |
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* [[Claude-André Lachance]], youngest person elected to the [[Canadian House of Commons]] (prior to 2011); director of public affairs for Dow Canada.<ref>{{cite web | title = Dow Chemical Canada Inc / Claude-Andre Lachance, Director, Public Affair | publisher = Office of the Commissioner of Lobbying of Canada | date = September 5, 2014 | url = https://ocl-cal.gc.ca/app/secure/orl/lrrs/do/vwRg;jsessionid=00017wAOfHS1-vrAgGAmQou2sS5:-91IL?regId=479812&cno=448}}</ref> |
* [[Claude-André Lachance]], youngest person elected to the [[Canadian House of Commons]] (prior to 2011); director of public affairs for Dow Canada.<ref>{{cite web | title = Dow Chemical Canada Inc / Claude-Andre Lachance, Director, Public Affair | publisher = Office of the Commissioner of Lobbying of Canada | date = September 5, 2014 | url = https://ocl-cal.gc.ca/app/secure/orl/lrrs/do/vwRg;jsessionid=00017wAOfHS1-vrAgGAmQou2sS5:-91IL?regId=479812&cno=448}}</ref> |
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* [[Ray McIntire]], inventor of [[styrofoam]]; began working for Dow in 1940 and became a research director.<ref>{{cite web | title = Ray Mcintire, 77, Chemist Who Invented Styrofoam By Accident | publisher = Chicago Tribune | date = February 4, 1996 | url = http://articles.chicagotribune.com/1996-02-04/news/9602040104_1_dow-chemical-styrofoam-isobutylene}}</ref> |
* [[Ray McIntire]], inventor of [[styrofoam]]; began working for Dow in 1940 and became a research director.<ref>{{cite web | title = Ray Mcintire, 77, Chemist Who Invented Styrofoam By Accident | publisher = Chicago Tribune | date = February 4, 1996 | url = http://articles.chicagotribune.com/1996-02-04/news/9602040104_1_dow-chemical-styrofoam-isobutylene}}</ref> |
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* [[Fred McLafferty]], chemist who pioneered the technique of [[gas chromatography-mass spectrometry]]; began working at Dow's organic chemistry research laboratory in Midland, Michigan in the 1950s.<ref>{{cite web | last = Yu | first = Kate | title = Man of the Masses | publisher = Chromatographyonline.com | date = Feb 1, 2013 | url = http://www.chromatographyonline.com/man-masses}}</ref> |
* [[Fred McLafferty]], chemist who pioneered the technique of [[gas chromatography-mass spectrometry]]; began working at Dow's organic chemistry research laboratory in Midland, Michigan in the 1950s.<ref>{{cite web | last = Yu | first = Kate | title = Man of the Masses | publisher = Chromatographyonline.com | date = Feb 1, 2013 | url = http://www.chromatographyonline.com/man-masses}}</ref> |
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* [[John Moolenaar]], member of the [[Michigan Senate]] and [[Michigan House of Representatives]]; worked as a chemist for Dow.<ref>{{cite web | last = Tower | first = Mark | title = Sen. John Moolenaar Defeats Paul Mitchell in 4th District Congressional Republican Primary Race | publisher = mlive | date = August 6, 2014 | url = http://www.mlive.com/news/saginaw/index.ssf/2014/08/4th_district_in_congress_race.html}}</ref> |
* [[John Moolenaar]], member of the [[Michigan Senate]] and [[Michigan House of Representatives]]; worked as a chemist for Dow.<ref>{{cite web | last = Tower | first = Mark | title = Sen. John Moolenaar Defeats Paul Mitchell in 4th District Congressional Republican Primary Race | publisher = mlive | date = August 6, 2014 | url = http://www.mlive.com/news/saginaw/index.ssf/2014/08/4th_district_in_congress_race.html}}</ref> |
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* [[George Andrew Olah]], recipient of 1994 [[Nobel Prize in Chemistry]]; employed at Dow's Sarnia, Canada plant in the late 1950s.<ref>{{cite web | title = George A. Olah |
* [[George Andrew Olah]], recipient of 1994 [[Nobel Prize in Chemistry]]; employed at Dow's Sarnia, Canada plant in the late 1950s.<ref>{{cite web | title = George A. Olah - Biographical | publisher = Nobel Foundation | url = http://www.nobelprize.org/nobel_prizes/chemistry/laureates/1994/olah-bio.html | accessdate = December 2014}}</ref> |
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* [[Forrest Parry]], inventor of the [[magnetic stripe card]]; worked for Dow in the 1950s.<ref>{{cite web | last = Sherratt | first = Gerald R. | title = Cedar City Native Invented the Credit Card | publisher = Iron County Today | date = October 6, 2011 | url = http://ironcountytoday.com/bookmark/15943181-Cedar-City-native-invented-the-credit-card}}</ref> |
* [[Forrest Parry]], inventor of the [[magnetic stripe card]]; worked for Dow in the 1950s.<ref>{{cite web | last = Sherratt | first = Gerald R. | title = Cedar City Native Invented the Credit Card | publisher = Iron County Today | date = October 6, 2011 | url = http://ironcountytoday.com/bookmark/15943181-Cedar-City-native-invented-the-credit-card}}</ref> |
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* [[Roy A. Periana]], American [[organometallic chemist]]; worked for Dow at Midland, Michigan.<ref>{{cite web | title = Roy A. Periana | publisher = Scripps Research Institute | url = http://www.scripps.edu/periana/profile.html | accessdate = December 2014}}</ref> |
* [[Roy A. Periana]], American [[organometallic chemist]]; worked for Dow at Midland, Michigan.<ref>{{cite web | title = Roy A. Periana | publisher = Scripps Research Institute | url = http://www.scripps.edu/periana/profile.html | accessdate = December 2014}}</ref> |
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* [[Abu Ammaar Yasir Qadhi]], conservative American Islamic cleric; worked for Dow after obtaining a chemical engineering degree from the [[University of Houston]].<ref>{{cite web | last = Munahid | first = Ahmad | title = Abu Ammaar Yasir Qadhi: The Sign of Inspiration for Muslim Youth | publisher = Islamic Scholars Worldwide | date = April 23, 2012 | url = http://islamicscholarsbd.blogspot.ca/2012/04/abu-ammaar-yasir-qadhi-sign-of.html}}</ref> |
* [[Abu Ammaar Yasir Qadhi]], conservative American [[Islamic cleric]]; worked for Dow after obtaining a chemical engineering degree from the [[University of Houston]].<ref>{{cite web | last = Munahid | first = Ahmad | title = Abu Ammaar Yasir Qadhi: The Sign of Inspiration for Muslim Youth | publisher = Islamic Scholars Worldwide | date = April 23, 2012 | url = http://islamicscholarsbd.blogspot.ca/2012/04/abu-ammaar-yasir-qadhi-sign-of.html}}</ref> |
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* [[Abraham Quintanilla, Jr.]], singer-songwriter; former shipping clerk at Dow's Freeport, Texas facility.<ref>{{cite book | last = Roy | first = Ann See | title = Pain, Pain, Pain...Still So Much Pain | publisher = Xlibris | year = 2010 | url = https://books.google.ca/books?id=6fS76RE4VUcC&lpg=PP1&pg=PP1#v=onepage&q&f=false | pages = 62}}</ref> |
* [[Abraham Quintanilla, Jr.]], singer-songwriter; former shipping clerk at Dow's Freeport, Texas facility.<ref>{{cite book | last = Roy | first = Ann See | title = Pain, Pain, Pain...Still So Much Pain | publisher = Xlibris | year = 2010 | url = https://books.google.ca/books?id=6fS76RE4VUcC&lpg=PP1&pg=PP1#v=onepage&q&f=false | pages = 62}}</ref> |
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* [[Sheldon Roberts]], semiconductor pioneer who helped found [[Silicon Valley]]; former technical researcher at Dow.<ref>{{cite web | title = C. Sheldon Roberts ’48 | publisher = Rensselaer Polytechnic Institute | url = http://rpi.edu/president/bot/roberts.html | accessdate = December 2014}}</ref> |
* [[Sheldon Roberts]], semiconductor pioneer who helped found [[Silicon Valley]]; former technical researcher at Dow.<ref>{{cite web | title = C. Sheldon Roberts ’48 | publisher = Rensselaer Polytechnic Institute | url = http://rpi.edu/president/bot/roberts.html | accessdate = December 2014}}</ref> |
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* [[Alexander Shulgin]], chemist and pharmacologist credited with introducing the drug [[MDMA]] ("ecstasy") to psychologists in the late 1970s; worked for Dow in the 1960s, where he invented [[Mexacarbate|Zectran]], the first biodegradable insecticide.<ref>{{cite web | last = Brown | first = Ethan | title = Chemist Alexander Shulgin, Who Inspired ‘Psychonauts’ Movement, Dead at 88 | publisher = Al Jazeera America | date = June 4, 2014 | url = http://america.aljazeera.com/articles/2014/6/4/chemist-alexandershulgindeadat88.html}}</ref> |
* [[Alexander Shulgin]], chemist and pharmacologist credited with introducing the drug [[MDMA]] ("ecstasy") to psychologists in the late 1970s; worked for Dow in the 1960s, where he invented [[Mexacarbate|Zectran]], the first [[biodegradable]] [[insecticide]].<ref>{{cite web | last = Brown | first = Ethan | title = Chemist Alexander Shulgin, Who Inspired ‘Psychonauts’ Movement, Dead at 88 | publisher = Al Jazeera America | date = June 4, 2014 | url = http://america.aljazeera.com/articles/2014/6/4/chemist-alexandershulgindeadat88.html}}</ref> |
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* [[Mary P. Sinclair]], environmental activist; former technical researcher at Dow.<ref>{{cite web | title = Mary P. Sinclair | publisher = Midland Daily News | date = January 15, 2011 | url = http://www.legacy.com/obituaries/ourmidland/obituary.aspx?n=mary-p-sinclair&pid=147810822&fhid=12907}}</ref> |
* [[Mary P. Sinclair]], environmental activist; former technical researcher at Dow.<ref>{{cite web | title = Mary P. Sinclair | publisher = Midland Daily News | date = January 15, 2011 | url = http://www.legacy.com/obituaries/ourmidland/obituary.aspx?n=mary-p-sinclair&pid=147810822&fhid=12907}}</ref> |
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* [[Huimin Zhao]], Centennial Endowed Chair of Chemical and Bio-Molecular Engineering at the [[University of Illinois, Urbana-Champaign]]; project leader at Dow's Industrial Biotechnology Laboratory.<ref>{{cite web | title = Huimin Zhao | publisher = John Simon Guggenheim Memorial Foundation | url = http://www.gf.org/fellows/17337-huimin-zhao | accessdate = December 2014}}</ref> |
* [[Huimin Zhao]], Centennial Endowed Chair of Chemical and Bio-Molecular Engineering at the [[University of Illinois, Urbana-Champaign]]; project leader at Dow's Industrial Biotechnology Laboratory.<ref>{{cite web | title = Huimin Zhao | publisher = John Simon Guggenheim Memorial Foundation | url = http://www.gf.org/fellows/17337-huimin-zhao | accessdate = December 2014}}</ref> |
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==Further reading== |
==Further reading== |
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*Andrew N. Liveris. (2011). Make It in America: The Case for re-inventing the economy. John Wiley & Sons, Inc. ISBN 978-0-470-93022-9 |
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*Ray H. Boundy, J. Lawrence Amos. (1990). ''A History of the Dow Chemical Physics Lab: The Freedom to be Creative''. M. Dekker. ISBN 0-8247-8097-3. |
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* |
*Ray H. Boundy, J. Lawrence Amos. (1990). A History of the Dow Chemical Physics Lab: The Freedom to be Creative. M. Dekker. ISBN 0-8247-8097-3 |
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*E. Ned Brandt. (2003). Growth Company: Dow Chemical's First Century. Michigan State University Press. ISBN 0-87013-426-4 |
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* Don Whitehead and Max Dendermonde. (1968). ''The Dow Story: The History of the Dow Chemical Co''. McGraw-Hill. ISBN 90-800099-9-7. |
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*Don Whitehead and Max Dendermonde. (1968). The Dow Story: The History of the Dow Chemical Co. McGraw-Hill. ISBN 90-800099-9-7 |
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*{{cite web|last1=Elzas|first1=Sarah|title=Franco-Vietnamese Agent Orange victim sues US chemical companies|url=http://www.english.rfi.fr/americas/20150430-franco-vietnamese-agent-orange-victim-sues-us-chemical-companies|website=RFI|publisher=RFI|accessdate=6 October 2015}} |
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==External links== |
==External links== |
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* {{Official |
* {{Official|http://www.dow.com}} |
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* [https://www.youtube.com/watch?v=tDbHKZ1w6tk History of Dow video] |
* [https://www.youtube.com/watch?v=tDbHKZ1w6tk History of Dow video] |
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* [http://www.dow.com/corpgov/leader/officers.htm Dow |
* [http://www.dow.com/corpgov/leader/officers.htm Dow Corporate Officers] |
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* [http://www.democracynow.org/2010/12/3/greenpeace_sues_chemical_companies_for_corporate Greenpeace Sues Dow Chemical for Corporate Espionage] |
* [http://www.democracynow.org/2010/12/3/greenpeace_sues_chemical_companies_for_corporate Greenpeace Sues Dow Chemical for Corporate Espionage] - video report by ''[[Democracy Now!]]'' |
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Revision as of 18:15, 24 December 2015
Company type | Public |
---|---|
NYSE: DOW S&P 500 Component | |
Industry | Chemicals |
Founded | 1897 |
Founder | Herbert Henry Dow |
Headquarters | Midland, Michigan, U.S |
Area served | Worldwide |
Key people | Andrew N. Liveris (Chairman, President and CEO) |
Products | Chemicals, plastics, performance chemicals, catalysts, coatings, crop technology, crude oil and natural gas exploration and production |
Revenue | $ 58.167 billion (2014)[1] |
$ 5.389 billion (2014)[1] | |
$ 3.772 billion (2014)[1] | |
Total assets | $ 68.796 billion (2014)[2] |
Total equity | $ 22.423 billion (2014)[2] |
Number of employees | 53000 |
Parent | Dow Inc. |
Subsidiaries | Dow AgroSciences, LLC. Union Carbide Corp. Rohm and Haas ANGUS Chemical Company |
Website | www |
The Dow Chemical Company (NYSE: DOW), commonly referred to as Dow, is an American multinational chemical corporation headquartered in Midland, Michigan. Dow provides chemical, plastic, and agricultural products and services to consumer markets that include food, transportation, health and medicine, personal care and construction, and operates in approximately 180 countries.[3][4][5]
As of 2014, Dow ranked third in chemical production (after BASF and Sinopec), and as of 2015, was the third largest chemical company in the world by revenue (after Sinopec and BASF).[6][7] Dow was also the world's largest chlorine producer, with 5.7 billion tons a year of production before Dow's association with Olin was formed;[8] was ranked as the world's largest plastics manufacturer during 2008,[9] and the largest manufacturer of polyalkylene glycols in 2013.[10]
Dow's principal lines of business include Agricultural Sciences, Consumer Solutions, Infrastructure Solutions, Performance Materials & Chemicals, and Performance Plastics.[11] It employs approximately 53,000 people worldwide.[12] Dow's 2014 sales totaled approximately $58.2 billion.[6][13] Dow has been called the "chemical companies' chemical company" in that most of its sales are to other industries rather than end-users, although Dow sells directly to end-users primarily in the human and animal health, agriculture and consumer products markets.[14]
The company was founded in 1897 by Canadian-born chemist Herbert Henry Dow. After a period of major diversification it achieved the status of a major chemical company, involved as a significant player in the world market, and being part of the military-industrial war effort during both World Wars.
Business Lines
Agricultural Sciences
Dow’s Agricultural Sciences segment provides crop protection and seed/plant biotechnology products and technologies, urban pest management solutions and oils. The business invents, develops, manufactures and markets products for use in agricultural, industrial and commercial pest management, and food service.[15] The segment has sales in 135 countries, with global research and development and manufacturing facilities, and accounted for 12.5% of Dow’s total sales in 2014.[16] In late November 2015, the Dow Chemical Company announced it struck a deal to sell part of its herbicide business, driven by "low crop prices" and its subsequent falling sales. Its portfolio of dinitroanilines, weed killers, would pass to Gowan Company as part of the sale, as well as registrations and trademarks such as Treflan and a packaging facility in Alberta, Canada.[17]
Consumer Solutions
Dow’s Consumer Solutions segment consists of three global businesses: Consumer Care, Dow Automotive Systems and Dow Electronic Materials. These businesses develop and market customized materials using technology and patented chemical processes for specialty applications, including semiconductors and organic light-emitting diodes, adhesives and foams used by the transportation industry, and cellulosics for pharmaceutical formulations and food applications.[18][19] The businesses in the Consumer Solutions segment serve multiple markets including automotive; electronics and entertainment; healthcare and medical; and, personal and home care goods. Consumer Solutions made up 8% of Dow’s sales in 2014.[16]
Infrastructure Solutions
The Infrastructure Solutions segment is composed of four global businesses: Dow Building & Construction, Dow Coating Materials, Energy & Water Solutions, and Performance Monomers.[20][21][22][23] These businesses produce products such as architectural and industrial coating applications, building insulation, adhesives, microbial protection for the oil and gas industry, and water technologies.[24][25] Dow Energy & Water Solutions for example, manufactures Filmtec reverse osmosis membranes which were used during the 2000 and 2008 Summer Olympics. Infrastructure Solutions accounted for 14.5% of Dow’s sales in 2014.[16][26]
Performance Materials & Chemicals
The Performance Materials & Chemicals segment consists of five global businesses: Chlor-Alkali and Vinyl, Chlorinated Organics, Epoxy, Industrial Solutions and Polyurethanes. Products produced by this segment serve various end markets, ranging from agriculture, consumer goods, electronics and construction. Most of Dow's EBITDA margin expansion at this division comes from reduced raw material costs in turn due to the integration of a propylene production facility in Freeport. Infrastructure Solutions accounted for 26% of Dow’s sales in 2014.[16][27] The Company completed its chlorine products transaction to Olin on October 5, 2015, valued at $5 billion.[28][29]
Performance Plastics
The Performance Plastics segment is the world’s leading plastics franchise and is composed of five global businesses: Dow Elastomers, Dow Electrical and Telecommunications, Dow Packaging and Specialty Plastics, Energy, and Hydrocarbons. Products from this segment are used for ubiquitous applications, ranging from diaper liners to beverage bottles and oil tanks. The products are based on the three major polyolefins – polystyrene (such as Styron resins), polyethylene and polypropylene. Performance Plastics made up 39% of Dow’s sales in 2014.[16][30][31][32]
History
Early history
Dow was founded in 1897 by Canadian-born chemist Herbert Henry Dow, who invented a new method of extracting the bromine that was trapped underground in brine at Midland, Michigan.[33] Dow originally sold only bleach and potassium bromide, achieving a bleach output of 72 tons a day in 1902. Early in the company's history, a group of British manufacturers tried to drive Dow out of the bleach business by cutting prices. Dow survived by also cutting its prices and, although losing about $90,000 in income, began to diversify its product line.[34]
In 1905, German bromide producers began dumping bromides at low cost in the U.S. in an effort to prevent Dow from expanding its sales of bromides in Europe. Instead of competing head-on with the German producers, Dow bought the cheap German-made bromides and shipped them back to Europe, undercutting his German competitors.[35] Even in its early history, Dow set a tradition of rapidly diversifying its product line. Within twenty years, Dow had become a major producer of agricultural chemicals, elemental chlorine, phenol and other dyestuffs, as well as magnesium metal.[36][37][38][39][40]
During World War I, Dow supplied many war materials the U.S. had previously imported from Germany. Dow produced magnesium for incendiary flares, monochlorobenzene and phenol for explosives, and bromine for medicines and tear gas. By 1918, 90% of Dow production was geared towards the war effort.[41] At this time, Dow created the diamond logo that is still used by the company.[42] After the war, Dow continued research in magnesium, and developed refined automobile pistons that produced more speed and better fuel efficiency.[38] The Dow metal pistons were used heavily in racing vehicles, and the 1921 winner of the Indianapolis 500 used the Dow metal pistons in his vehicle.[41]
In the 1930s, Dow began producing plastic resins, which would grow to become one of the corporation's major businesses. Its first plastic products were ethylcellulose, made in 1935, and polystyrene, made in 1937.[9][43]
Diversification and expansion
From 1940 to 1941, Dow built its first plant at Freeport, Texas, in order to produce magnesium extracted from seawater rather than underground brine, marking the first time that humans had mined the ocean for metal.[44][45] The Freeport plant is now home to Dow's largest site - and one of the largest integrated chemical manufacturing sites in the world.[46] The site grew quickly - with power, chlorine, caustic soda and ethylene also soon in production.[45] Growth of this business made Dow a strategically important business during World War II, as magnesium became important in fabricating lightweight parts for aircraft.[47][38] Based on 2002–2003 data, the Freeport plants (known as "Texas Operations" internally) produced 27 billion pounds of products, or 21% of Dow's global production.[48] In 1942, Dow began its foreign expansion with the formation of Dow Chemical of Canada in Sarnia, Ontario to produce styrene for use in styrene-butadiene synthetic rubber. Magnesium production from Freeport in 1942 amounted to 84% of the whole country's production capacity.[49] Also during WWII, Dow and Corning began their joint venture, Dow Corning, to produce silicones for military and, later, civilian use.[48][9]
The "Ethyl-Dow Chemical Co." plant at "Kure's Beach" NC, the only plant on the East Coast producing bromine from seawater, was attacked by a German U-boat in 1942.[50][51][52]
In the post-war era, Dow began expanding outside of North America, founding its first overseas subsidiary in Japan in 1952 as Asahi-Dow Limited, and in several other nations soon thereafter.[53] Based largely on its growing plastics business, Dow opened a consumer products division beginning with Saran wrap in 1953.[54] Based on its growing chemicals and plastics businesses, Dow's sales exceeded $1 billion in 1964, $2 billion in 1971, and $10 billion in 1980.[9]
Nuclear weapons
From 1951 to 1975, Dow managed the Rocky Flats Plant near Denver, Colorado. Rocky Flats was a nuclear weapons production facility that produced plutonium triggers for hydrogen bombs.
There were several instances of radioactive waste leakage and contamination propagated from fires during Dow's management of the facility.[55] In 1957 a fire burned plutonium dust in the facility and sent radioactive particles into the atmosphere.[56]
The Department of Energy transferred management of the facility to Rockwell International in 1975. In 1990, nearby residents filed a class action lawsuit against Dow and Rockwell for environmental contamination of the area; the case was litigated in federal court. In 2008, a federal judge ordered Dow and Rockwell to pay a combined $925 million in damages to the plaintiffs.[57] However, in September 2010, the United States Court of Appeals for the Tenth Circuit reversed the decision.[58] According to the Appellate court, the owners of the 12,000 properties in the class-action area had not proved that their properties were damaged or they had suffered bodily injury.[59] Rocky Flats is now the Rocky Flats National Wildlife Refuge.
Vietnam War: Napalm and Agent Orange
The United States military dropped napalm bombs on North Vietnam during the Vietnam War. Dow was one of several manufacturers who began producing the napalm B compound under government contract from 1965 at its Torrance, California plant.[60] After experiencing protests and negative publicity, the other suppliers discontinued manufacturing the product, leaving Dow as the sole provider.[61] The company said that it carefully considered its position, and decided, as a matter of principle, "its first obligation was to the government."[62] Despite a boycott of its products by anti-war groups and harassment of recruiters on some college campuses, Dow continued to manufacture napalm B until 1969.[62][63] The U.S. continued to drop napalm bombs on North Vietnam until 1973.[64][65]
Agent Orange, a chemical defoliant containing dioxin, was also manufactured by Dow in New Plymouth, New Zealand, and in the United States for use by the British military during the Malayan Emergency and the U.S. military during the Vietnam War.[63] In 2005, a lawsuit was filed by Vietnamese victims of Agent Orange against Dow and Monsanto Co., which also supplied Agent Orange to the military.[66] The lawsuit was dismissed.[67]
Dow Corning breast implants
A major manufacturer of silicone breast implants, Dow Corning (a joint venture between Dow and Corning Inc.) was sued for personal damages caused by ruptured implants. On October 6, 2005, all such cases pending in the United States Court of Appeals for the Sixth Circuit against the company were dismissed. The company stated: "Should cases involving Dow Corning's breast implant and other silicone medical products be filed against the company in the future, they will be accorded similar treatment."[68][69]
Bhopal disaster
Union Carbide became a subsidiary of Dow in 2001. The Bhopal disaster of 1984 occurred at a pesticide plant owned by Union Carbide India Limited, a subsidiary of Union Carbide, 17 years before Dow’s acquisition. A gas cloud containing methyl isocyanate and other chemicals spread to the neighborhoods near the plant where more than half a million people were exposed. More than 27 years after the event, the actual number of fatalities is still unknown.[70]
The official immediate death toll was 2,259[71] and the government of Madhya Pradesh has confirmed a total of 3,787 deaths related to the gas release.[72] Others estimate 3,000 died within weeks and another 8,000 have since died from gas-related diseases.[73] There are wide variations in the estimated number of individuals permanently disabled by the event. By one independent estimate, 40,000 individuals were left permanently disabled, maimed, or suffering from serious illness as a result of the disaster.[74] A government affidavit in 2006 stated that the leak caused 558 deaths, 125 injuries, including 38,478 temporary partial injuries and approximately 3,900 severely and permanently disabling injuries.[75]
Union Carbide was sued by the Government of India and agreed to an out-of-court settlement of US$470 million in 1989. In 2010 eight former executives of Union Carbide India Ltd. were found guilty of death by negligence. Activists are seeking to have Dow held responsible for the ongoing cleanup of the site.[76] Dow maintains that the Madhya Pradesh state government is responsible for the cleanup.[77]
DBCP
Until the late 1970s, Dow produced DBCP (1,2-dibromo-3-chloropropane), a soil fumigant, and nematicide, sold under the product names Nemagon and Fumazone. Plantation workers who became sterile or were stricken with other maladies subsequently sued both Dow and Dole in Latin American courts, alleging that their ailments were caused by DBCP exposure.[78] While the courts agreed with the workers and awarded them over $600 million in damages, they have been unable to collect any payment from the companies.[citation needed]
A group of workers then sued in the U.S., and, on November 5, 2007, a Los Angeles jury awarded them $3.2 million. Dole and Dow vowed to appeal the decision.[79] On April 23, 2009, a Los Angeles judge threw out two cases against Dole and Dow due to fraud and extortion by lawyers in Nicaragua recruiting fraudulent plaintiffs to make claims against the company.[80] The ruling casts doubt on $2 billion in judgments in similar lawsuits.[81][82]
Dioxin Contamination
Areas along Michigan's Tittabawassee River, which runs within yards of Dow's main plant in Midland, were found to contain elevated levels of the cancer-causing chemical dioxin in November 2006.[83] The dioxin was located in sediments two to ten feet below the surface of the river, and, according to the New York Times, "there is no indication that residents or workers in the area are directly exposed to the sites".[84] However, people who often eat fish from the river had slightly elevated levels of dioxin in their blood.[84] In July 2007, Dow reached an agreement with the Environmental Protection Agency to remove 50,000 cubic yards (38,000 m3) of sediment from three areas of the riverbed and levees of the river that had been found to be contaminated.[85] In November 2008, the Dow Chemical Company along with the United States Environmental Protection Agency and Michigan Department of Environmental Quality agreed to establish a Superfund to address dioxin cleanup of the Tittabawassee River, Saginaw River and Saginaw Bay.[86]
Tax evasion
In February 2013 a federal court rejected two tax shelter transactions entered into by Dow that created approximately $1 billion in tax deductions between 1993-2003.[87] In the stated opinion, the Court termed the transactions "schemes that were designed to exploit perceived weaknesses in the tax code and not designed for legitimate business reasons." The schemes were created by Goldman Sachs and the law firm of King & Spalding, and involved creating a partnership that Dow operated out of its European headquarters in Switzerland.[88][87] Dow stated that it had paid all tax assessments with interest. The case was a lawsuit against the Internal Revenue Service seeking a refund of the taxes paid.[89] The case was appealed to the United States Court of Appeals for the Fifth Circuit, where Dow's claims were again rejected. Dow has petitioned for an en banc hearing by the 5th Circuit, arguing that the decision was contrary to established case law.[90] The court denied this petition.[91]
Recent mergers, acquisitions and reorganization
1990s – transition from geographic alignment to global business units
In the early 1990s, Dow embarked on a major structural reorganization.[92] The former reporting hierarchy was geographically based, with the regional president reporting directly to the overall company president and CEO. The new organization combines the same businesses from different sites, irrespective of which region they belong (i.e. the vice president for Polystyrene is now in charge of these plants all over the world).[93][94][95]
Union Carbide merger
At the beginning of August 1999, Dow agreed to purchase Union Carbide Corp. (UCC) for $9.3 billion in stock.[96] At the time, the combined company was the second largest chemical company, behind DuPont.[97] This led to protests from some stockholders, who feared that Dow did not disclose potential liabilities related to the Bhopal disaster.[98]
William S. Stavropoulos served as president and chief executive officer of Dow from 1995 to 2000, then again from 2002 to 2004.[99] He relinquished his board seat on April 1, 2006, having been a director since 1990 and chairman since 2000. During his first tenure, he led the purchase of UCC which proved controversial, as it was blamed for poor results under his successor as CEO Mike Parker.[100] Parker was dismissed and Stavropoulos returned from retirement to lead Dow.[101][102]
2006–2008 restructuring
On August 31, 2006, Dow announced that it planned to close facilities at five locations:[103]
- Sarnia, Ontario was Dow's first manufacturing site in Canada.[104] In 1942, the Canadian government invited Dow to build a plant there to produce styrene (an essential raw material used to make synthetic rubber for World War II). Dow then built a polystyrene plant in 1947. Up to the early 1990s, the Chemical Valley site contained numerous plants, while Dow Canada's headquarters was located at the Modeland Centre, and a new River Centre complex was opened which housed Research and Development.[105] Since then, several plants (Dow terminology for a production unit) on the site have been dismantled and the Dow Canada headquarters moved to Calgary, Alberta. The Dow Fitness Centre was donated to the YMCA of Sarnia-Lambton, and the Modeland Centre was sold to Lambton County and the City of Sarnia. In 2002, the steam plant was demolished and land on the site was sold to TransAlta which built a natural gas power plant.[106]
- One plant at its site in Barry (South Wales), a triple string STR styrene polymer production unit. Integral in the company's development of the super high melt foam specific polymers & Styron A-Tech high gloss, high impact polymers.[107]
- One plant at its site in Porto Marghera (Venice), Italy.[108]
- Two plants at its site in Fort Saskatchewan, Alberta, Canada.[104]
On November 2, 2006, Dow and Izolan, the leading Russian producer of polyurethane systems, formed the joint venture Dow-Izolan iand built a manufacturing facility in the city of Vladimir.[109] Also in 2006, Dow formed the Business Process Service Center (BPSC).
In December 2007, Dow announced a series of moves to revamp the company. A December 4 announcement revealed that Dow planned to exit the automotive sealers business in 2008 or 2009.[110] Within several weeks, Dow also announced the formation of a joint venture, later named K-Dow, with Petrochemical Industries Co. (PIC), a subsidiary of Kuwait Petroleum Corporation. In exchange for $9.5 billion, the agreement included Dow selling 50% of its interest in five global businesses: polyethylene, polypropylene and polycarbonate plastics, and ethylenamines and ethanolamines.[111] The agreement was terminated by PIC on December 28, 2008.[112]
Rohm & Haas Co. purchase
On July 10, 2008, Dow agreed to purchase all of the common equity interest of Rohm and Haas Co. for $15.4 billion, which equated to $78 per share.[113] The buyout was to be financed with equity investments of $3 billion by Berkshire Hathaway Inc. and $1 billion by the Kuwait Investment Authority.[114] The purpose of the deal was to move Dow further into specialty chemicals, which offer higher profit margins than the commodities market and are more difficult to enter for the competition.[citation needed] The purchase was criticized by many on Wall Street who believe the company overpaid (about a 75% premium on the previous day's market capital) to acquire the company; however, the high bid was needed to ward off competing bids from BASF.[115] The transaction to purchase the outstanding interest of Rohm and Haas closed on April 1, 2009.[116]
Accelerated implementation
On December 8, 2008, Dow announced that due to the 2008 economic crisis, it would accelerate job cuts resulting from its reorganization. The announced plan included closing 20 facilities, temporarily idling 180 plants, and eliminating 5,000 full-time jobs (about 11% of its workforce) and 6,000 contractor positions.[117]
Strategy interruption
Citing the global recession that began in the latter half of 2008, the Kuwaiti government scuttled the K-Dow partnership on December 28, 2008.[118] The collapse of the deal dealt a blow to Dow CEO Andrew Liveris' vision of restructuring the company to make it less cyclical. However, on January 6, 2009 Dow announced they were in talks with other parties who could be interested in a major joint venture with the company.[119] Dow also announced they that it would be seeking to recover damages related to the failed joint venture from PIC.[119]
After the K-Dow deal collapsed, some speculated that the company would not complete the Rohm & Haas transaction, as the cash from the former transaction was expected to fund the latter.[120] The deal was expected to be finalized in early 2009 and was to form one of the nation's largest specialty chemicals firms in the U.S.[121][122][123] However, on January 26, 2009 the company informed Rohm and Haas that it would be unable to complete the transaction by the agreed upon deadline.[124] Dow cited a deteriorated credit market and the collapse of the K-Dow Petrochemical deal as reasons for failing to timely close the merger. Around the same time, CEO Andrew Liveris said a first- time cut to the company's 97- year- old dividend policy was not "off the table." On February 12, 2009, the company declared a quarterly dividend of $0.15/share, down from $0.42 the previous quarter. The cut represented the first time the company had diminished its investor payout in the dividend's 97-year history.[125][126]
The transaction to purchase the outstanding interest of Rohm and Haas closed on April 1, 2009.[127] After negotiating the sale of preferred stock with Rohm and Hass' two largest stockholders and extending their one-year bridge loan an additional year, the company purchased Rohm and Haas for $15 billion ($78 a share) on March 9, 2009.[128]
Sadara Chemical Company
In 2011, Dow and Saudi Arabian Oil Company (Saudi Aramco) developed the joint venture, Sadara Chemical Company (Sadara, worth $20 billion),[129] with initial plants to come on stream in 2015.[129] The joint venture is expected to enable Dow’s strategy to drive long-term profitable growth, and is the largest chemical complex to be built in a single phase.[130] As part of two "key strategic planks" for the company, construction of the largest single-construction petrochemicals complex will represent a tenfold increase in Dow's storage and handling requirements, together with Dow's US Gulf Coast investments. Besides storage, the plant will produce a range of chemicals, particularly those used in textiles, packaging and food additives.[131]
2014 - New operating segments
In the fourth quarter of 2014, Dow announced new operating segments in response to its previously announced leadership changes. The company stated it would give further support to its end-market orientation and increase its alignment to Dow’s key value chains – ethylene and propylene.[132]
U.S. Gulf Coast investments
Several plants on the Gulf Coast of the US have been in development since 2013, as part of Dow's transition away from naphtha. Dow estimates the facilities will employ about 3000 people, and 5000 people during construction.[133] The plants will manufacture materials for several of its growing segments, including hygiene and medical, transportation, electrical and telecommunications, packaging, consumer durables and sports and leisure.[134]
Dow’s new propylene dehydrogenation (PDH) facility in Freeport, Texas, is expected to come online in 2015, with a first 750000 metric tonne per year unit, while other units could become available in the future.[135][136] An ethylene production facility is expected to start up in the first half of 2017.[137][138][139]
Chlorine merger
On March 27, 2015, Dow and Olin Corporation announced that the boards of directors of both companies unanimously approved a definitive agreement under which Dow will separate a significant portion of its chlorine business and merge that new entity with Olin in a transaction that will create an industry leader, with revenues approaching $7 billion.[140] Olin, the new partnership, became the largest chlorine producer in the world.[8]
Focus on higher margin business
The Dow Chemical Company has begun to shed commodity chemical businesses, such as those making the basic ingredients for grocery bags and plastic pipes, because their profit margins only average 5-10%. Dow is, as of 2015, focusing resources on specialty chemicals that earn margins of at least 20%.[141][8] This is in line with its restructuring, together with reducing debt, and expecting to raise more than $11 billion from asset sales by mid-2016.[142]
Sustainability & corporate social responsibility
In 1995, Dow launched its first set of 10-year goals.[143] By 2005, its Sustainability Goals focused on saving energy, conserving resources, and reusing waste.[143] The company then launched its 2015 Sustainability Goals, in which the company pledged to use science and technology to address several social and environmental challenges and reduce its global footprint.[143][144] As part of these goals, the company's corporate social responsibility arm commits itself to help address climate change, protect human health, and improve energy efficiency, among others. Addressing these goals, Dow has created a process for purifying water via reverse osmosis with a reduction of energy usage of 30%; it has also created a pathway to produce Omega-9 oils, thus trying to reduce the amount of harmful fats, such as trans fats from the American diet.[145][146]
Dow launched its 2025 Sustainability Goals in April, 2015. Its five goals include offsetting three times more carbon dioxide throughout its products' life cycles, facilitate the turning of waste into new products, generating $1 billion in cost savings or new cash flow, give 600 thousand hours to support students and teachers in several fields of education, and reducing its water consumption, among others.[147][148] Most notably, its concept considering "natural capital" as part of major capital expenditures was inspired by its collaboration with the Nature Conservancy. This collaboration saw the creation of a coastal wetland to mitigate the impact of one of Dow's Texas plants. Dow's goal is to replicate this experience across other projects.[149]
Dow supports its STEM education program by providing financial support and stimulating employee involvement.[150][151]
Environmental record
In 2003, Dow agreed to pay $2 million, the largest penalty ever in a pesticide case,[152] to the state of New York for making illegal safety claims related to its pesticides. The New York Attorney General's Office stated that Dow AgroSciences had violated a 1994 agreement with the State of New York to stop advertisements making safety claims about its pesticide products. Dow stated that it was not admitting to any wrongdoing, and that it was agreeing to the settlement to avoid a costly court battle.[153][154][155]
According to the EPA, Dow has some responsibility for 96 of the United States' Superfund toxic waste sites, placing it in 10th place by number of sites.[citation needed] One of these, a former UCC uranium and vanadium processing facility near Uravan, Colorado, is listed as the sole responsibility of Dow.[156][157] The rest are shared with numerous other companies. Fifteen sites have been listed by the EPA as finalized (cleaned up) and 69 are listed as "construction complete", meaning that all required plans and equipment for cleanup are in place.[158][159][160]
In 2007, the chemical industry trade association - the American Chemistry Council - gave Dow an award of 'Exceptional Merit' in recognition of longstanding energy efficiency and conservation efforts. Between 1995 and 2005, Dow reduced energy intensity (BTU per pound produced) by 22%. This is equivalent to saving enough electricity to power eight million US homes for a year.[161] The same year, Dow subsidiary, Dow Agrosciences, won a United Nations Montreal Protocol Innovators Award for its efforts in helping replace methyl bromide - a compound identified as contributing to the depletion of the ozone layer. In addition, Dow Agrosciences won an EPA "Best of the Best" Stratospheric Ozone Protection Award.[162] The United States Environmental Protection Agency named Dow as a 2008 Energy Star Partner of the Year for excellence in energy management and reductions in greenhouse gas emissions.[163]
Board of directors
Current members of the board of directors of the Dow Chemical Company are:
- Ajay Banga - President and CEO, MasterCard Incorporated[164]
- Jacqueline K. Barton - Arthur and Marian Hanisch Memorial Professor of Chemistry, Chair, Division of Chemistry and Chemical Engineering, California Institute of Technology[164]
- James A. Bell - former Executive Vice President, Corporate President and CFO, The Boeing Company[164]
- Richard K. Davis - Chairman, President and CEO, U.S. Bancorp[164]
- Jeff M. Fettig - Chairman and CEO, Whirlpool Corporation[164]
- Mark Loughridge - former CFO, International Business Machines (IBM)[164]
- Raymond J. Milchovich – Lead Director, Nucor Corporation; former Chairman and CEO, Foster Wheeler AG[164]
- Robert S. Miller – President and CEO, International Automotive Components (IAC) Group; former CEO, Hawker Beechcraft, Inc.; former Executive Chairman, Delphi[164]
- Paul Polman – CEO, Unilever PLC and Unilever N.V.[164]
- Andrew N. Liveris – President, CEO and Chairman, the Dow Chemical Company[164]
- Dennis H. Reilley - Non-Executive Chairman, Marathon Oil Corporation; former Chairman, Covidien Ltd.[164]
- James M. Ringler – Chairman, Teradata Corporation[164]
- Ruth G. Shaw - former Group Executive for Public Policy and President, Duke Nuclear; former President and CEO, Duke Energy Corp.[164]
2007 dismissal of senior executives
On April 12, 2007, Dow dismissed two senior executives for "unauthorized discussions with third parties about the potential sale of the company" - the two figures were executive vice president Romeo Kreinberg, and director and former CFO J. Pedro Reinhard. Dow claimed they were secretly in contact with JPMorgan Chase; at the same time, a story surfaced in Britain's Sunday Express regarding a possible leveraged buyout of Dow.[165] The two executives filed lawsuits claiming they were fired for being a threat to CEO Liveris, and that the allegations were concocted as a pretext.[166] However, in June 2008, Dow and the litigants announced a settlement in which Kreinberg and Reinhard dropped their lawsuits and admitted taking part in discussions "which were not authorized by, nor disclosed to, Dow's board concerning a potential LBO" and acknowledged that it would have been appropriate to have informed the CEO and board of the talks.[167]
Major collaborations
Dow sponsors and collaborates with partners such as Change the Equation, Habitat for Humanity and Keep America Beautiful.[150][168][169]
In September 2004, Dow obtained the naming rights to the Saginaw County Event Center in Saginaw, Michigan; the center is now called the Dow Event Center. The Saginaw Spirit (of the Ontario Hockey League) plays at the Center, which also hosts events such as professional wrestling and live theater.[170][171]
In October 2006, Dow bought the naming rights to the stadium used by the Great Lakes Loons, a Single-A minor league baseball team located in its hometown of Midland, Michigan. The stadium is called Dow Diamond.[172] The Dow Foundation played a key role in bringing the Loons to the city.[173][174]
In July 2010, Dow Dow signed a 10-year deal with the International Olympic Committee and became the Official Chemistry Company of the Olympic Games. The sponsorship extends to 2020.[175] Dow aimed to use "its chemistry, technology, and science" to help make the Olympic Games "more sustainable, higher performing, and safer" for participants.[176] Dow sponsored the Olympic Stadium wrap during the 2012 London Olympics, and was involved in carbon footprint mitigation programs for the Sochi Winter Olympics, and the 2016 Rio Olympics.[177][178][179][180]
Dow also sponsors NASCAR Sprint Cup Series driver Austin Dillon's #3 Chevrolet.[181]
Lab Safety Academy
On May 20, 2013, Dow launched the Dow Lab Safety Academy, a website that includes a collection of videos and resources that demonstrate best practices in laboratory safety.[182] The goal of the website is to improve awareness of safety practices in academic research laboratories and to help the future chemical workforce develop a safety mindset. As such, the Dow Lab Safety Academy is primarily geared toward university students.[183] However, Dow has made the content open to all, including those already employed in the chemical industry. The Dow Lab Safety Academy is also available through the Safety and Chemical Engineering Education program, an affiliate of American Institute of Chemical Engineers; and The Campbell Institute, an organization focusing on environment, health and safety practices.Cite error: The opening <ref>
tag is malformed or has a bad name (see the help page).
The Dow Lab Safety Academy is one component of Dow’s larger laboratory safety initiative launched in early 2012, following a report from the U.S. Chemical Safety Board[184] that highlighted the potential hazards associated with conducting research at chemical laboratories in academic institutions. Seeking to share industry best practices with academia, Dow partnered with several U.S. research universities to improve safety awareness and practices in the departments of chemistry, chemical engineering, engineering and materials. Through the pilot programs with U.C. Santa Barbara, University of Minnesota, and Pennsylvania State University, Dow worked with graduate students and faculty to identify areas of improvement and develop a culture of laboratory safety.[185]
Nature Conservancy
In January 2011, The Nature Conservancy and the Dow Chemical Co. announced a collaboration[186] to integrate the value of nature into business decision-making. Scientists, engineers, and economists from The Nature Conservancy and Dow are working together at three pilot sites (North America, Latin America, and TBD[187]) to implement and refine models that support corporate decision-making related to the value and resources nature provides. Those ecosystem services include water, land, air, oceans and a variety of plant and animal life. These sites will serve as a "living laboratories", to validate and test methods and models so they can be used to inform more sustainable business decisions at Dow, with a goal to influence the decision-making and business practices of other companies.[188]
Outlook
According to the American Chemistry Council, chemical production in the U.S. will continue to expand across 2015 and 2016, spurring the growth of companies such as Dow. As for exports, there may be a reduction in their overall attractiveness in overseas markets due to the stronger dollar. At the same time, the production costs are set to decrease, given the abundant supply of shale gas and natural gas. This will likely mean increased exports in the long run.[189]
With annual sales of over $58 billion and a net income of around $3.8 billion for 2014, Dow has consolidated its top-tier position in the overall economy. Its earnings per share adjusted for non-operating items increased by almost 25% year-on-year, and while the company might reduce productivity costs due to higher operating leverage, the decrease in the price of oil will likely cut their short term profits.[190] However, CEO Andrew Liveris has pointed out that the increased demand due to lower oil prices might in fact increase profits, in part as a result of Dow's ongoing divestment program.[190] He went as far as to say that the lower cost of natural gas as opposed to crude oil will add $2.5 billion per year to its earnings.[191]
The lower energy and feedstock prices will, in turn, feed manufacturing, thus potentially increasing Dow's profits.[191] The company has several projects underway in sub-Saharan Africa, and the $20 billion Sadara complex in Saudi Arabia.[192] All in all, the company's first-quarter net income for 2015 rose to 84 cents a share.[193][194][195][196]
Subsidiaries and joint ventures
Dow has a number of subsidiaries and joint ventures.[3]
Subsidiaries
- Arabian Chemical Company (Latex) Ltd.
- Arabian Chemical Company (Polystyrene) Limited
- Battleground Water Company
- Biotechnology Research and Development Corporation
- Blue Cube Holding LLC (and affiliates)
- Buildscape, Inc.
- Buildscape, LLC
- CanStates Holdings Inc. (and affiliate)
- CD Polymers Inc.
- Centen Ag Inc. (and affiliates)
- Chemars III LLC
- Chemtech II L.P.
- Clean Filtration Technologies LLC
- DC Partnership Management Inc. (and affiliate)
- DCOMCO, Inc.
- Denmerco Inc.
- Diamond Capital Management Inc.
- Dofinco, Inc.
- Dow Business Services LLC
- Dow Capital International LLC
- Dow Chemical (China) Investment Company Limited (and affiliates)
- Dow Chemical (Singapore) Private Limited (and affiliates)
- Dow Chemical China Holdings Pte. Ltd.
- Dow Chemical Delaware Corp. (and affiliates)
- Dow Chemical International Ltd. (and affiliates)
- Dow Chemical Kuwait B.V.
- Dow Chemical Singapore Holdings Pte. Ltd.
- Dow Chemical Taiwan Limited
- Dow AgroSciences, LLC.
- Union Carbide Corporation
- Rohm and Haas
- ANGUS Chemical Co.
Current joint ventures
- Dow Corning Corporation
- EQUATE Petrochemical Co. K.S.C.
- The Kuwait Olefins Company K.S.C.
- The Kuwait Styrene Company K.S.C.
- TKOC – JV between Dow and Petrochemical Industries Company
- Map Ta Phut Olefins Company Limited
- MEGlobal
- SCG-DOW Group
- Sadara Chemical Company - JV between Saudi Aramco and Dow
- Dow-Mitsui Chlor-Alkali LLC – JV between Mitsui & Co. and Dow
Notable employees
- George Becker, former vice president of the AFL-CIO, and president of the United Steelworkers; worked at a Dow's aluminum rolling mill in Madison, Illinois, where he was a shop steward.[197]
- Buddy Burris, professional football player with the Green Bay Packers; worked for Dow following his football career.[198]
- Norman F. Carnahan, chemical engineer; worked at Dow's Plaquemines Parish, Louisiana division from 1965 to 1968.[199]
- Sven Trygve Falck, Norwegian engineer, businessperson and politician; Dow engineer in Texas from 1967 to 1970.[200]
- Larry Garner, Louisiana blues musician; worked at Dow's Baton Rouge, Louisiana facility.[201]
- Bettye Washington Greene, first African-American female chemist employed at Dow; began working in 1965 at the E.C. Britton Lab.[202]
- Alexandre Hohagen, vice president for Latin America and US Hispanics at Facebook; former public relations manager for Dow Brazil.[203]
- Zdravko Ježić, Olympic silver medalist; worked for Dow in Texas on the development of urethane and oxide polymers.[204]
- Claude-André Lachance, youngest person elected to the Canadian House of Commons (prior to 2011); director of public affairs for Dow Canada.[205]
- Ray McIntire, inventor of styrofoam; began working for Dow in 1940 and became a research director.[206]
- Fred McLafferty, chemist who pioneered the technique of gas chromatography-mass spectrometry; began working at Dow's organic chemistry research laboratory in Midland, Michigan in the 1950s.[207]
- John Moolenaar, member of the Michigan Senate and Michigan House of Representatives; worked as a chemist for Dow.[208]
- George Andrew Olah, recipient of 1994 Nobel Prize in Chemistry; employed at Dow's Sarnia, Canada plant in the late 1950s.[209]
- Forrest Parry, inventor of the magnetic stripe card; worked for Dow in the 1950s.[210]
- Roy A. Periana, American organometallic chemist; worked for Dow at Midland, Michigan.[211]
- Abu Ammaar Yasir Qadhi, conservative American Islamic cleric; worked for Dow after obtaining a chemical engineering degree from the University of Houston.[212]
- Abraham Quintanilla, Jr., singer-songwriter; former shipping clerk at Dow's Freeport, Texas facility.[213]
- Sheldon Roberts, semiconductor pioneer who helped found Silicon Valley; former technical researcher at Dow.[214]
- Alexander Shulgin, chemist and pharmacologist credited with introducing the drug MDMA ("ecstasy") to psychologists in the late 1970s; worked for Dow in the 1960s, where he invented Zectran, the first biodegradable insecticide.[215]
- Mary P. Sinclair, environmental activist; former technical researcher at Dow.[216]
- Huimin Zhao, Centennial Endowed Chair of Chemical and Bio-Molecular Engineering at the University of Illinois, Urbana-Champaign; project leader at Dow's Industrial Biotechnology Laboratory.[217]
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Further reading
- Andrew N. Liveris. (2011). Make It in America: The Case for re-inventing the economy. John Wiley & Sons, Inc. ISBN 978-0-470-93022-9
- Ray H. Boundy, J. Lawrence Amos. (1990). A History of the Dow Chemical Physics Lab: The Freedom to be Creative. M. Dekker. ISBN 0-8247-8097-3
- E. Ned Brandt. (2003). Growth Company: Dow Chemical's First Century. Michigan State University Press. ISBN 0-87013-426-4
- Don Whitehead and Max Dendermonde. (1968). The Dow Story: The History of the Dow Chemical Co. McGraw-Hill. ISBN 90-800099-9-7
- Elzas, Sarah. "Franco-Vietnamese Agent Orange victim sues US chemical companies". RFI. RFI. Retrieved 6 October 2015.
External links
- Official website
- History of Dow video
- Dow Corporate Officers
- Greenpeace Sues Dow Chemical for Corporate Espionage - video report by Democracy Now!