Dow Chemical Company

From Wikipedia, the free encyclopedia
  (Redirected from The Dow Chemical Company)
Jump to: navigation, search
The Dow Chemical Company
Public
Traded as NYSEDOW
S&P 500 Component
Industry Chemicals
Founded 1897; 119 years ago (1897)
Founder Herbert Henry Dow
Headquarters Midland, Michigan, United States
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 Decrease US$48.778 billion (2015)[1]
Increase US$10.131 billion (2015)[1]
Profit Increase US$7.685 billion (2015)[1]
Total assets Decrease US$68.026 billion (2015)[1]
Total equity Increase US$25.374 billion (2015)[1]
Number of employees
51,635 (2015)[1]
Subsidiaries Dow AgroSciences, LLC.
Union Carbide Corp.
Rohm and Haas
ANGUS Chemical Company
Website www.dow.com

The Dow Chemical Company (NYSEDOW), commonly referred to as Dow, is a 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.[2][3][4]

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).[5][6] 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;[7] was ranked as the world's largest plastics manufacturer during 2008,[8] and the largest manufacturer of polyalkylene glycols in 2013.[9]

Dow's principal lines of business include Agricultural Sciences, Consumer Solutions, Infrastructure Solutions, Performance Materials & Chemicals, and Performance Plastics.[10] It employs approximately 53,000 people worldwide.[11] Dow's 2014 sales totaled approximately $58.2 billion.[5][12] 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.[13]

The company was founded in 1897 by Canadian-born chemist Herbert Henry Dow. After a period of diversification, it became a major chemical company, a significant player in the world market, and a part of the military-industrial war effort during both World Wars.

Business lines[edit]

Agricultural Sciences[edit]

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.[14] 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.[15] 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 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.[16]

Consumer Solutions[edit]

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.[17][18] 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.[15]

Infrastructure Solutions[edit]

The Infrastructure Solutions segment is composed of four global businesses: Dow Building & Construction, Dow Coating Materials, Energy & Water Solutions, and Performance Monomers.[19][19][20][21] 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.[22][23] 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.[15][24]

Performance Materials & Chemicals[edit]

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. Performance Materials & Chemicals accounted for 26% of Dow's sales in 2014.[15][25] The Company completed its chlorine products transaction to Olin on October 5, 2015, valued at $5 billion.[26][27]

Performance Plastics[edit]

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 polyolefinspolystyrene (such as Styron resins), polyethylene and polypropylene. Performance Plastics made up 39% of Dow's sales in 2014.[15][28][29][30]

History[edit]

Early history[edit]

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.[31] 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.[32]

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.[33] 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.[34][35][36][37][38]

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.[39] At this time, Dow created the diamond logo that is still used by the company.[40] After the war, Dow continued research in magnesium, and developed refined automobile pistons that produced more speed and better fuel efficiency.[36] 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.[39]

Dow Corporate headquarters in Midland

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.[8][41]

Diversification and expansion[edit]

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.[42][43] The Freeport plant is now home to Dow's largest site - and one of the largest integrated chemical manufacturing sites in the world.[44] The site grew quickly - with power, chlorine, caustic soda and ethylene also soon in production.[43] Growth of this business made Dow a strategically important business during World War II, as magnesium became important in fabricating lightweight parts for aircraft.[36][45] 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.[46] 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.[47] Also during WWII, Dow and Corning began their joint venture, Dow Corning, to produce silicones for military and, later, civilian use.[8][46]

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.[48][49][50]

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.[51] Based largely on its growing plastics business, Dow opened a consumer products division beginning with Saran wrap in 1953.[52] 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.[8]

Nuclear weapons[edit]

Main article: Rocky Flats Plant

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.

Aerial view of the Rocky Flats Plant from directly overhead in 1954.

There were several instances of radioactive waste leakage and contamination propagated from fires during Dow's management of the facility.[53] In 1957 a fire burned plutonium dust in the facility and sent radioactive particles into the atmosphere.[54]

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.[55] However, in September 2010, the United States Court of Appeals for the Tenth Circuit reversed the decision.[56] 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 that they had suffered bodily injury.[57] Rocky Flats is now the Rocky Flats National Wildlife Refuge.

Vietnam War: Napalm and Agent Orange[edit]

Main article: Napalm

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.[58] After experiencing protests and negative publicity, the other suppliers discontinued manufacturing the product, leaving Dow as the sole provider.[59] The company said that it carefully considered its position, and decided, as a matter of principle, "its first obligation was to the government."[60] 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.[60][61] The U.S. continued to drop napalm bombs on North Vietnam until 1973.[62][63]

Main article: Agent Orange

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.[61] 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.[64] The lawsuit was dismissed.[65]

Dow Corning breast implants[edit]

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."[66][67]

Bhopal disaster[edit]

Main article: 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.[68]

Activists are seeking to have Dow held responsible for the ongoing cleanup of the site.[69] Dow maintains that the Madhya Pradesh state government is responsible for the cleanup.[70]

DBCP[edit]

See also: 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.[71] 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.[72] 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.[73] The ruling casts doubt on $2 billion in judgments in similar lawsuits.[74][75]

Dow plant in Terneuzen.

Dioxin contamination[edit]

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.[76] 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".[77] However, people who often eat fish from the river had slightly elevated levels of dioxin in their blood.[77] 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.[78] 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.[79]

Tax evasion[edit]

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.[80] 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.[80][81] 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.[82] 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.[83] The court denied this petition.[84]

Recent mergers, acquisitions and reorganization[edit]

1990s – transition from geographic alignment to global business units[edit]

In the early 1990s, Dow embarked on a major structural reorganization.[85] 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 (e.g. the vice president for Polystyrene is now in charge of these plants all over the world).[86][87][88]

Union Carbide merger[edit]

At the beginning of August 1999, Dow agreed to purchase Union Carbide Corp. (UCC) for $9.3 billion in stock.[89] At the time, the combined company was the second largest chemical company, behind DuPont.[90] This led to protests from some shareholders, who feared that Dow did not disclose potential liabilities related to the Bhopal disaster.[70]

William S. Stavropoulos served as president and chief executive officer of Dow from 1995 to 2000, then again from 2002 to 2004.[91] 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.[92] Parker was dismissed and Stavropoulos returned from retirement to lead Dow.[93][94]

2006–2008 restructuring[edit]

On August 31, 2006, Dow announced that it planned to close facilities at five locations:[95]

  • Sarnia, Ontario was Dow's first manufacturing site in Canada.[96] 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.[97] 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.[98]
  • 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.[99]
  • One plant at its site in Porto Marghera (Venice), Italy.[100]
  • Two plants at its site in Fort Saskatchewan, Alberta, Canada.[96]

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.[101] 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.[102] 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.[103] The agreement was terminated by PIC on December 28, 2008.[104]

Rohm & Haas Co. purchase[edit]

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.[105] The buyout was to be financed with equity investments of $3 billion by Berkshire Hathaway Inc. and $1 billion by the Kuwait Investment Authority.[106] 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.[107] The transaction to purchase the outstanding interest of Rohm and Haas closed on April 1, 2009.[108]

Accelerated implementation[edit]

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.[109]

Strategy interruption[edit]

Citing the global recession that began in the latter half of 2008, the Kuwaiti government scuttled the K-Dow partnership on December 28, 2008.[110] 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.[111] Dow also announced they that it would be seeking to recover damages related to the failed joint venture from PIC.[111]

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.[112] 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.[113][114][115] 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.[116] 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.[117][118]

The transaction to purchase the outstanding interest of Rohm and Haas closed on April 1, 2009.[119] 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.[120]

Sadara Chemical Company[edit]

In 2011, Dow and Saudi Arabian Oil Company (Saudi Aramco) developed the joint venture, Sadara Chemical Company (Sadara, worth $20 billion),[121] with initial plants to come on stream in 2015.[121] 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.[122] 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.[123]

2014 - New operating segments[edit]

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.[124]

U.S. Gulf Coast investments[edit]

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.[125] 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.[126]

Dow’s new propane 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.[127][128] An ethylene production facility is expected to start up in the first half of 2017.[129][130][131]

Consolidation, Acquisition, and Restructuring in 2015[edit]

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.[132] Olin, the new partnership, became the largest chlorine producer in the world.[7]

On December 11, 2015, Dow 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 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%.[7][133] 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.[134]

Merger with DuPont[edit]

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.[135] Dow Chemical CEO Andrew N. Liveris will become executive chairman of the new entity, while DuPont CEO Edward D. Breen will become CEO.[136] The sale is expected to close in early 2016.[137][138] Commentators have noted that the deal is likely to face antitrust scrutiny in several countries.[139]

Dow works in Kings Lynn.

Sustainability and corporate social responsibility[edit]

In 1995, Dow launched its first set of 10-year goals.[140] By 2005, its Sustainability Goals focused on saving energy, conserving resources, and reusing waste.[140] 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.[140][141] 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.[142][143]

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.[144][145] 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.[146]

Dow supports its STEM education program by providing financial support and stimulating employee involvement.[147][148]

Environmental record[edit]

In 2003, Dow agreed to pay $2 million, the largest penalty ever in a pesticide case,[149] 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.[150][151][152]

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.[153][154] 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.[155][156][157]

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.[158] 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.[159] 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.[160]

Board of directors[edit]

Current members of the board of directors of the Dow Chemical Company are:

2007 dismissal of senior executives[edit]

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.[162] 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.[163] 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.[164]

Major collaborations[edit]

Dow sponsors and collaborates with partners such as Change the Equation, Habitat for Humanity and Keep America Beautiful.[147][165][166]

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.[167][168]

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.[169] The Dow Foundation played a key role in bringing the Loons to the city.[170][171]

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.[172] Dow aimed to use "its chemistry, technology, and science" to help make the Olympic Games "more sustainable, higher performing, and safer" for participants.[173] 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.[174][175][176][177]

Dow also sponsors NASCAR Sprint Cup Series driver Austin Dillon's #3 Chevrolet.[178]

Lab Safety Academy[edit]

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.[6] 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.[179] 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.[6]

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[180] 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.[181]

Nature Conservancy[edit]

In January 2011, The Nature Conservancy and the Dow Chemical Co. announced a collaboration[182] 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[183]) 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.[184]

Bettye Washington Greene, first professional African American woman chemist at Dow.

Outlook[edit]

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.[185]

With annual sales of over $58 billion and a net income of around $3.8 billion for 2014, Dow holds a significant position in the US economy overall. Its earnings per share adjusted for non-operating items increased by almost 25% year-on-year, and while the company might reduce production costs due to higher operating leverage, the decrease in the price of oil will likely cut its short-term profits.[186] 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.[186] 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.[187]

The lower energy and feedstock prices will, in turn, feed manufacturing, thus potentially increasing Dow's profits.[187] The company has several projects underway in sub-Saharan Africa, and the $20 billion Sadara complex in Saudi Arabia.[188] All in all, the company's first-quarter net income for 2015 rose to 84 cents a share.[189][190][191][192]

Subsidiaries and joint ventures[edit]

Dow has a number of subsidiaries and joint ventures.[2]

Subsidiaries[edit]

  • 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.

Joint ventures[edit]

  • 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[edit]

References[edit]

  1. ^ a b c d e f "Dow Chemical Co 2015 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 5, 2016. 
  2. ^ a b "DOW CHEMICAL COMPANY 10-K". SEC.gov. SEC. Retrieved 6 October 2015. 
  3. ^ "Dow Chemical Co". Google Finance. Google Finance. Retrieved 6 October 2015. 
  4. ^ "DOW:US". Bloomberg. Bloomberg. Retrieved 6 October 2015. 
  5. ^ a b "2015 ranking of the global top 10 chemical companies based on revenue (in billion U.S. dollars)". Statista. Statista. Retrieved 6 October 2015. 
  6. ^ a b c Tullo, Alexander H. "C&EN’s Global Top 50 Chemical Firms For 2014". CEN. CEN. Retrieved 6 October 2015.  Cite error: Invalid <ref> tag; name "CEN" defined multiple times with different content (see the help page).
  7. ^ a b c Fisher, Daniel. "Will $5B Sale Of Dow Chemical's Chlorine Business Silence Its Critics?". Forbes. Forbes. Retrieved 6 October 2015. 
  8. ^ a b c d John Slatter (1 October 2007). The 100 Best Stocks You Can Buy, 2008. Adams Media. pp. 138–. ISBN 1-59869-166-X. 
  9. ^ Leslie R. Rudnick (4 February 2013). Synthetics, Mineral Oils, and Bio-Based Lubricants: Chemistry and Technology, Second Edition. CRC Press. pp. 147–. ISBN 978-1-4398-5537-9. 
  10. ^ "Markets and Solutions". Dow. Dow. Retrieved 6 October 2015. 
  11. ^ "Corporate Profile" (PDF). The Dow Chemical Co. Retrieved 2006-06-24. 
  12. ^ Esposito, Frank. "2014 sees modest sales increase, but profit decrease, for Dow Chemical". PN. PN. Retrieved 6 October 2015. 
  13. ^ "Quote from John Tysse, Dow vice-president of sales and marketing". Retrieved 2007-11-28. 
  14. ^ Chemical Sciences Roundtable; Board on Chemical Sciences and Technology; National Research Council; Division on Earth and Life Studies (18 April 2003). Reducing the Time from Basic Research to Innovation in the Chemical Sciences:: A Workshop Report to the Chemical Sciences Roundtable. National Academies Press. pp. 12–. ISBN 978-0-309-08734-6. 
  15. ^ a b c d e "2014 Annual Report". Dow. Dow. Retrieved 6 October 2015. 
  16. ^ Polansek, Tom. "Dow sells portfolio of herbicides amid consolidation drive". Reuters. Reuters. Retrieved 4 December 2015. 
  17. ^ Jitendra K. Pandey; Kummetha R. Reddy; Amar K. Mohanty; Manjusri Misra (2 January 2014). Handbook of Polymernanocomposites. Processing, Performance and Application: Volume A: Layered Silicates. Springer Science & Business Media. pp. 534–. ISBN 978-3-642-38649-7. 
  18. ^ Industrieverband Klebstoffe E V Adh Sion Kleben & Dichten (Hrsg ) (28 September 2010). Handbuch Klebtechnik 2010/2011. Springer-Verlag. pp. 48–. ISBN 978-3-8348-1354-1. 
  19. ^ a b Builder. Hanley-Wood, Incorporated, for the National Association of Home Builders. April 2006. 
  20. ^ Paint, Oil and Chemical Review. Trade Review Company. 1959. 
  21. ^ Modern Packaging. Morgan-Grampian Publishing Company. 1962. 
  22. ^ Jack W. Plunkett (December 2007). Plunkett's Renewable, Alternative & Hydrogen Energy Industry Almanac 2008. Plunkett Research, Ltd. pp. 219–. ISBN 978-1-59392-100-2. 
  23. ^ Prosun Bhattacharya (2012). 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. IWA Publishing. pp. 131–. ISBN 978-1-78040-035-8. 
  24. ^ "Dow's Filmtec to help manage ME water needs". Trade Arabia. Trade Arabia. Retrieved 6 October 2015. 
  25. ^ Trefis, Team. "How Does Dow Plan To Expand Its Performance Materials Margins?". Forbes. Forbes. Retrieved 6 October 2015. 
  26. ^ "Olin expects to close $5 billion buyout of Dow Chemical unit in early October". Fox Business News. AP. Retrieved 3 December 2015. 
  27. ^ Gilliam, Jim. "Active Movers of Yesterday: Tenet Healthcare Corp (NYSE:THC), First Niagara Financial Group Inc. (NASDAQ:FNFG), Olin Corporation (NYSE:OLN)". Stocks Newswire. Stocks Newswire. Retrieved 3 December 2015. 
  28. ^ Trevor F. Starr (1999). Composites: A Profile of the Worldwide Reinforced Plastics Industry, Markets and Suppliers : Market Prospects to 2005. Elsevier. pp. 189–. ISBN 978-1-85617-354-4. 
  29. ^ Chemical Week. McGraw-Hill. 2009. 
  30. ^ Moody's Industrial Manual. Moody's Investors Service. 1997. 
  31. ^ "Hall of Fame Inventor Profile". National Inventors Hall of Fame. Retrieved 2006-06-24. 
  32. ^ "Dow Chemical". University of Michigan Department of Geography. Archived from the original on 2006-05-13. Retrieved 2006-06-24. 
  33. ^ Brandt, E.N. (1997). Growth Company: Dow Chemical's First Century. East Lansing, Michigan: Michigan State University Press. ISBN 0-87013-426-4. 
  34. ^ Alfred Dupont CHANDLER; Takashi Hikino; Alfred D Chandler (30 June 2009). Scale and Scope: The Dynamics of Industrial Capitalism. Harvard University Press. pp. 178–. ISBN 978-0-674-02938-5. 
  35. ^ United States. Congress. Senate. Committee on Finance (1920). 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. U.S. Government Printing Office. 
  36. ^ a b c E. N. Brandt (1 May 2013). We Called it MAG-nificent: Dow Chemical and Magnesium, 1916-1998. MSU Press. pp. 18–. ISBN 978-1-60917-363-0. 
  37. ^ Patrick Sullivan; Franklin J. Agardy; James J.J. Clark (1 August 2005). The Environmental Science of Drinking Water. Butterworth-Heinemann. pp. 43–. ISBN 978-0-08-045772-7. 
  38. ^ Ross E. McKinney (11 March 2004). Environmental Pollution Control Microbiology: A Fifty-Year Perspective. CRC Press. pp. 419–. ISBN 978-0-203-02569-7. 
  39. ^ a b "Herbert Henry Dow 1866-1930". Chemical Heritage Foundation. 2002. Retrieved 2007-04-05. 
  40. ^ "Herbert Henry Dow". Michigan Walk of Fame. Archived from the original on November 3, 2006. Retrieved 2007-04-05. 
  41. ^ John J. McKetta Jr (27 April 1990). Encyclopedia of Chemical Processing and Design: Volume 34 - Pentachlorophenol to Petroleum Fractions: Liquid Densities. CRC Press. pp. 454–. ISBN 978-0-8247-2484-9. 
  42. ^ Leo Arthur Goldblatt (1942). Collateral Readings in Inorganic Chemistry; Second Series. D. Appleton-Century. 
  43. ^ a b "History of Texas Operations". Dow. Dow. Retrieved 6 October 2015. 
  44. ^ Charles Wankel (8 June 2009). Encyclopedia of Business in Today's World. SAGE Publications. pp. 817–. ISBN 978-1-5063-1952-0. 
  45. ^ 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.
  46. ^ a b Kenneth E. Hendrickson, III (25 November 2014). The Encyclopedia of the Industrial Revolution in World History. Rowman & Littlefield Publishers. pp. 271–. ISBN 978-0-8108-8888-3. 
  47. ^ Pat Choate (18 December 2007). Hot Property: The Stealing of Ideas in an Age of Globalization. Knopf Doubleday Publishing Group. pp. 129–. ISBN 978-0-307-42627-7. 
  48. ^ Morton, Jr, Wilbur D. The Journey Continues: The World War II Home Front. p. xxiv,64. 
  49. ^ THE MINERAL RESOURCES OF THE SEA. Elsevier. 1 January 1965. pp. 32–. ISBN 978-0-08-087037-3. 
  50. ^ Anita Price Davis (10 November 2014). North Carolina and World War II: A Documentary Portrait. McFarland. pp. 112–. ISBN 978-0-7864-7984-9. 
  51. ^ Mark Mason (1 January 1992). American Multinationals and Japan: The Political Economy of Japanese Capital Controls, 1899-1980. Harvard Univ Asia Center. pp. 212–. ISBN 978-0-674-02630-8. 
  52. ^ E. N. Brandt (31 May 2003). Chairman of the Board: A Biography of Carl A. Gerstacker. MSU Press. pp. 1955–. ISBN 978-0-87013-896-6. 
  53. ^ "Rocky Flats Site History". Office of Legacy Management. Department of Energy. Retrieved 6 October 2015. 
  54. ^ Cohen, Andrew. "A September 11th Catastrophe You've Probably Never Heard About". The Atlantic. The Atlantic. Retrieved 6 October 2015. 
  55. ^ "Rocky Flats: Dow Chemical And Rockwell International Billed $925M For Contamination At Nuclear Site". huffingtonpost.com. 2008-06-03. Retrieved 2009-08-09. 
  56. ^ "Appeals court tosses jury award in Rocky Flats case". The Denver Post. September 4, 2010. 
  57. ^ 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)
  58. ^ Mary Susannah Robbins (1 January 2007). Against the Vietnam War: Writings by Activists. Rowman & Littlefield. pp. 63–. ISBN 978-0-7425-5914-1. 
  59. ^ Eric Croddy; James J. Wirtz (2005). Weapons of Mass Destruction: Chemical and biological weapons. ABC-CLIO. pp. 193–. ISBN 978-1-85109-490-5. 
  60. ^ a b Thomas Donaldson (1 January 1982). Corporations and Morality. Prentice-Hall. pp. 183–. ISBN 978-0-13-177014-0. 
  61. ^ a b James L. Marsh; Anna J. Brown (2012). Faith, Resistance, and the Future: Daniel Berrigan's Challenge to Catholic Social Thought. Fordham Univ Press. pp. 250–. ISBN 978-0-8232-3982-5. 
  62. ^ Jean-Marie Henckaerts; Louise Doswald-Becks (21 March 2005). Customary International Humanitarian Law: Volume 2, Practice, Parts 1 and 2. Cambridge University Press. pp. 1919–. ISBN 978-0-521-83937-2. 
  63. ^ Spencer Tucker (21 November 2012). Almanac of American Military History. ABC-CLIO. pp. 1650–. ISBN 978-1-59884-530-3. 
  64. ^ Al Morris (16 November 2009). Civilisation Hijacked: Rescuing Jesus from Christianity and the human spirit From Bondage. iUniverse. pp. 227–. ISBN 978-1-4401-8241-9. 
  65. ^ "US won't compensate Vietnam's Agent Orange victims: official". AFP. 2006-06-06. Retrieved 2009-11-28. 
  66. ^ Miller, Henry I. "The Sad Saga Of Silicone Breast Implants". Forbes. Forbes. Retrieved 6 October 2015. 
  67. ^ Kang, Y. Peter. "Split 6th Circ. Revives Dow Corning Breast Implant Suit". Law360. Law360. Retrieved 6 October 2015. 
  68. ^ Saxena, Deshdeep. "Bhopal gas tragedy: 27 years on, death toll still unknown". Times of India. Times of India. Retrieved 6 October 2015. 
  69. ^ "8 Former Executives Guilty in ’84 Bhopal Chemical Leak". New York Times. 7 June 2010. Archived from the original on 15 May 2012. Retrieved 2013-10-04. 
  70. ^ a b Kripalani, Manjeet. "Dow Chemical: Liable for Bhopal?". Bloomberg. Bloomberg. Retrieved 6 October 2015. 
  71. ^ McLernon, Sean. "Dole, Shell, Others Exposed Banana Workers To DBCP: Suit". Law360. Law360. Retrieved 6 October 2015. 
  72. ^ "Dole must pay farmworkers $3.2 million", John Spano, Los Angeles Times, November 6, 2007.
  73. ^ Hallman, Ben. - "Finding Plaintiffs Lawyers Committed Fraud, Judge Dismisses Tort Cases Against Dole and Dow Chemical". - The American Lawyer. - April 27, 2009.
  74. ^ Keating, Gina. - "Judge throws out Dole "bananeros" cases, citing fraud". - Forbes. - April 24, 2009.
  75. ^ Stecklow, Steve. "Fraud by Trial Lawyers Taints Wave of Pesticide Lawsuits". WSJ. WSJ. Retrieved 6 October 2015. 
  76. ^ Garabrant, David H.; Franzblau, Alfred; Lepkowski, James; Gillespie, Brenda W.; Adriaens, Peter; Demond, Avery; Hedgeman, Elizabeth; Knutson, Kristine; Zwica, Lynn; Olson, Kristen; Towey, Timothy; Chen, Qixuan; Hong, Biling; Chang, Chiung-Wen; Lee, Shih-Yuan; Ward, Barbara; LaDronka, Kathy; Luksemburg, William; Maier, Martha (2009). "The University of Michigan Dioxin Exposure Study: Predictors of Human Serum Dioxin Concentrations in Midland and Saginaw, Michigan". Environmental Health Perspectives 117 (5): 818–824. doi:10.1289/ehp.11779. ISSN 0091-6765. 
  77. ^ a b Barringer, Felicity (July 4, 2007). "E.P.A. and Dow in Talks on Dioxin Cleanup at Main Factory". The New York Times. Retrieved 2008-04-17. 
  78. ^ Barringer, Felicity (July 18, 2007). "Michigan: Dioxin Deal". The New York Times. Retrieved 2008-04-17. 
  79. ^ "Superfund Alternative Site possible on Tittabawassee". November 11, 2008. Retrieved 2008-11-12. 
  80. ^ a b Wood, Robert W. "Dow Chemical's $1 Billion Tax Shelter Stinks, Says Court". Forbes. Forbes. Retrieved 6 October 2015. 
  81. ^ "JUSTICE DEPARTMENT PREVAILS IN TAX SHELTER CASE INVOLVING $1 BILLION IN TAX DEDUCTIONS". The Dow Chemical Company Had Engaged in Tax Transactions Designed by Goldman Sachs and Lawyers at King & Spalding. Department of Justice. 27 February 2013. Retrieved 23 March 2015. 
  82. ^ "U.S. Justice Dept says wins $1 bln Dow Chemical tax shelter case | Reuters". 
  83. ^ "Dow Urges 5th Circ. To Rehear $1B Tax Shelter Case - Law360". 
  84. ^ Kroh, Eric. "5th Circ. Denies Rehearing In Dow $1B Tax Shelter Case". Law360. Law360. Retrieved 6 October 2015. 
  85. ^ Charles R. Geisst (1 January 2009). Encyclopedia of American Business History. Infobase Publishing. pp. 121–. ISBN 978-1-4381-0987-9. 
  86. ^ CIO. 1 November 1998. 
  87. ^ Smith, Richard. "Creative destruction: capitalist development and China's environment." New Left Review (1997): 3-42.
  88. ^ Nordqvist, Joseph. "The Dow Chemical Co. – Company Information". MBN. MBN. Retrieved 6 October 2015. 
  89. ^ "Business this week". The Economist. The Economist. Retrieved 6 October 2015. 
  90. ^ "Dow buying Union Carbide". CNN Money. CNN Money. Retrieved 6 October 2015. 
  91. ^ "What is the history of William S Stavropoulos and the latest information about William S Stavropoulos?". Los Angeles Times. Los Angeles Times. Retrieved 6 October 2015. 
  92. ^ Warren, Susan. "Dow Chemical Replaces CEO, Citing Poor Financial Results". WSJ. WSJ. Retrieved 6 October 2015. 
  93. ^ William Stavropoulos to Retire as Chairman of Dow; Andrew Liveris Elected Chairman Effective April 1, 2006
  94. ^ E. J. Salmon (28 September 2010). The Rise and Fall of Corporate America. Trafford Publishing. pp. 275–. ISBN 978-1-4269-4062-0. 
  95. ^ "Dow Announces Plant Closures To Strengthen Competitive Position". The Dow Chemical Co. 2006-08-31. Archived from the original on 2006-10-19. Retrieved 2006-09-13. 
  96. ^ a b "Dow closing operations in Sarnia, Fort Saskatchewan". CBCNews. CBCNews. Retrieved 7 October 2015. 
  97. ^ Matthew J. Bellamy (13 January 2005). Profiting the Crown: Canada's Polymer Corporation, 1942-1990. McGill-Queen's Press - MQUP. pp. 36–. ISBN 978-0-7735-7238-6. 
  98. ^ Marc R. Roussel (5 April 2012). A Life Scientist's Guide to Physical Chemistry. Cambridge University Press. pp. 136–. ISBN 978-1-107-07994-6. 
  99. ^ "The Dow Chemical Company Plans to Close Polystyrene Plant at Barry, UK". ChemEurope. ChemEurope. Retrieved 7 October 2015. 
  100. ^ Sinclair, Neil. "Dow rules out Eni purchase of Porto Marghera TDI". ICIS News. ICIS News. Retrieved 7 October 2015. 
  101. ^ ICIS Chemical Business. Reed Business Information. 2008. 
  102. ^ "Dow Chemical Job Cuts". The New York Times. December 5, 2007. Retrieved 2008-04-17. 
  103. ^ "Dow Chemical Gets Kuwaiti Partner". The New York Times. December 14, 2007. Retrieved 2008-04-17. 
  104. ^ Mohamed A. Ramady (19 October 2013). Political, Economic and Financial Country Risk: Analysis of the Gulf Cooperation Council. Springer Science & Business Media. pp. 102–. ISBN 978-3-319-02177-5. 
  105. ^ "Dow signs agreement to acquire Rohm and Haas". Canadian Plastics. Canadian Plastics. Retrieved 7 October 2015. 
  106. ^ Gupta, Raj. "How I Did It: Rohm and Haas’s Former CEO on Pulling Off a Sweet Deal in a Down Market". Harvard Business Review. Harvard Business Review. Retrieved 7 October 2015. 
  107. ^ Nocera, Joe. "Dow Imperiled by Its Deal for Rohm & Haas". NYT. NYT. Retrieved 7 October 2015. 
  108. ^ Verbraeken, Hans. "Dow Chemical beticht Turkse branchegenoot van spionage". Het Financieele Dagblad. Het Financieele Dagblad. Retrieved 12 November 2015. 
  109. ^ "Dow Accelerates Implementation of its Transformational Strategy". 2008-12-08. 
  110. ^ Diana Elias (December 28, 2008). "Kuwait scraps$17.4 billion venture with Dow Chemical". Detroit Free Press. Retrieved December 28, 2008. [dead link]
  111. ^ a b "Dow Chemical Confirms Commitment to Transformational Corporate Strategy". 2009-01-06. Archived from the original on January 12, 2009. 
  112. ^ "Rohm and Dow shares fall on investor concern over deal". Reuters. 2008-12-29. Retrieved 2009-01-02. [dead link]
  113. ^ "Dow Chemical agrees to buy Rohm & Haas". Chicago Tribune. 2008-07-11. Retrieved 2008-07-11. 
  114. ^ Dow Chemical to Buy Rohm and Haas, Wall Street Journal, July 11, 2008, p.B1
  115. ^ Campoy, Ana. "Dow Chemical to Buy Rohm & Haas". WSJ. WSJ. Retrieved 7 October 2015. 
  116. ^ "Dow Chemical Confirms Rohm and Haas Acquisition Will Not Close On or Before January 27, 2009". 2009-01-26. 
  117. ^ "Against the Grain: Buy Dow Chemical!". The Street. The Street. Retrieved 7 October 2015. 
  118. ^ Marvin, Chuck. "Dow Chemical Likely Glad Week's Over". The Street. The Street. Retrieved 7 October 2015. 
  119. ^ James, Steve; Thomasch, Paul. "Dow Chem buys Rohm and Haas". Reuters. Reuters. Retrieved 7 October 2015. 
  120. ^ Christopher Hinton (2008-07-10). "Dow Chemical to buy Rohm & Haas for $15 billion - MarketWatch". MarketWatch. Retrieved 2012-12-18. 
  121. ^ a b "Sadara Chemicals Complex, Al Sharqiya, Saudi Arabia". ChemicalsTechnology. ChemicalsTechnology. Retrieved 7 October 2015. 
  122. ^ Christiansen, Bryan (30 November 2013). Transcultural Marketing for Incremental and Radical Innovation. IGI Global. pp. 302–. ISBN 978-1-4666-4750-3. 
  123. ^ McAuley, Anthony. "Dow Chemical and DP World sign storage and shipping deal". The National. The National. Retrieved 7 October 2015. 
  124. ^ "Dow Chemical (DOW) Announces Realignment of External Reporting Segments". Street Insider. Street Insider. Retrieved 7 October 2015. 
  125. ^ Pinch, Lauren. "Boom Days Ahead for Natural Gas Sector". Construction Executive. Construction Executive. Retrieved 13 November 2015. 
  126. ^ "DOW CHEMICAL TO BUILD SEVERAL PLANTS ON US GULF COAST". Global Processing. Global Processing. Retrieved 16 October 2015. 
  127. ^ "EPCA ’14: Half of US PDH projects to be delayed or shelved – exec". ICIS News. ICIS News. Retrieved 7 October 2015. 
  128. ^ Protti-Alvarez, Francinia; Boswell, Clay. "Ascend plans $1.2-billion PDH plant at Chocolate Bayou". IHS Chemical Week. IHS Chemical Week. Retrieved 7 October 2015. 
  129. ^ "Dow Chemical's Ethylene Production Plant, Freeport, Texas, United States of America". ChemicalsTechnology. ChemicalsTechnology. Retrieved 7 October 2015. 
  130. ^ "Dow Chemical to expand polyethylene and propylene production in Argentina". ChemicalsTechnology. ChemicalsTechnology. Retrieved 7 October 2015. 
  131. ^ Chatsko, Maxx. "5 Things Dow Chemical Company Management Wants You to Know". The Motley Fool. The Motley Fool. Retrieved 7 October 2015. 
  132. ^ Gelles, David. "Dow Chemical to Merge Unit With Olin". NYT. NYT. Retrieved 7 October 2015. 
  133. ^ Cameron, Doug. "Dow Chemical Launches Makeover". WSJ. WSJ. Retrieved 7 October 2015. 
  134. ^ "Dow Chemical Starts Exchange Offer for Chlorine Carve-out". Zacks. Zacks. Retrieved 7 October 2015. 
  135. ^ "Dow and DuPont, two of America’s oldest giants, to merge in jaw-dropping megadeal". Washington Post. December 11, 2015. Retrieved 11 December 2015. 
  136. ^ "Dow Chemical, DuPont reach deal on merger". USA TODAY. 11 December 2015. 
  137. ^ "Corning to Swap Stake In Dow Corning For $4.8 Billion, Semiconductor Stake". wsj.com. wsj.com. 11 December 2015. Retrieved 11 December 2015. 
  138. ^ "Dow Chemical to Take Full Control of Dow Corning Venture". Bloomberg News. Bloomberg. Retrieved 16 December 2015. 
  139. ^ Lydia Mulvany, Sara Forden, and Patrick Gower, "Dow-DuPont Merger Likely to Face Antitrust Scrutiny Worldwide", Bloomberg Business (December 11, 2015).
  140. ^ a b c Sam Yoonsuk Lee; Ambigaibalan Ramasamy; Jay Hyuk Rhee (18 June 2014). Green Leadership in China: Management Strategies from China's Most Responsible Companies. Springer. pp. 34–. ISBN 978-3-642-55058-4. 
  141. ^ "2015 SUSTAINABILITY GOALS". Dow. Dow. Retrieved 7 October 2015. 
  142. ^ "Dow Water Technology Cuts Costs 19%". environmentalleader. environmentalleader. Retrieved 7 October 2015. 
  143. ^ Lynch-Morin, Kathryn. "Dow Chemical calls its Omega-9 Healthy Oils a 'breakthrough' to world challenges". Michigan live. Michigan live. Retrieved 7 October 2015. 
  144. ^ "Dow Launches 2025 Sustainability Goals to Help Redefine the Role of Business in Society". Dow. Dow. Retrieved 7 October 2015. 
  145. ^ Winston, Andrew. "Businesses do – and should – play a role in creating a better society". The Guardian. The Guardian. 
  146. ^ Clancy, Heather. "Dow's plan to bank $1 billion on natural capital by 2025". GreenBiz. GreenBiz. Retrieved 7 October 2015. 
  147. ^ a b "Change the Equation - Dow Chemical". Change the Equation. Change the Equation. Retrieved 7 October 2015. 
  148. ^ Tang, Stephen S.; Spielman, Darren A. "Tang and Spielman: It's time to get serious about STEM education". Philadelphia Business Journal. Philadelphia Business Journal. Retrieved 7 October 2015. 
  149. ^ "Dow AgroSciences agrees to pay $2M to state over pesticide ads". Albany Business Review. 2003-12-15. Retrieved 2015-03-08. 
  150. ^ "COMPANY NEWS; DOW CHEMICAL UNIT TO PAY $2 MILLION PENALTY FOR ADS". New York Times. December 16, 2003. Retrieved 2015-03-06. 
  151. ^ "Dow Subsidiary To Pay $2 Million For Making False Safety Claims In Pesticide Ads". New York State Attorney General Office 2015. 15 December 2003. Retrieved 6 March 2015. 
  152. ^ Rodríguez, Juan Carlos. "Dow Agrees To EPA Deal Over Colo. Superfund Site". Law360. Law360. Retrieved 7 October 2015. 
  153. ^ "Internet Archive Wayback Machine". Web.archive.org. 2004-09-08. Archived from the original on 2004-09-08. Retrieved 2012-02-28. 
  154. ^ "Union Carbide ad". Uravan.com. 2000-02-20. Retrieved 2012-02-28. 
  155. ^ Center for Public Integrity Archived October 22, 2007, at the Wayback Machine.
  156. ^ Fischler, Jacob. "Shipping Co. Claims It Can’t Be Sued In Texas Superfund Row". Law360. Law360. Retrieved 7 October 2015. 
  157. ^ Sundar, Sindhu. "Dow Hits Texas Cos. Over Superfund Recovery Costs". Law360. Law360. Retrieved 7 October 2015. 
  158. ^ van het Hof, Walter. "Dow Wins 2006 ACC Responsible Care Energy Efficiency Award". CSR News. CSR News. Retrieved 7 October 2015. 
  159. ^ "Dow Agrosciences Wins UN Award for Methyl Bromide Alternative". Seed Today. 2007-09-21. Retrieved 2012-02-28. 
  160. ^ "EPA Names The Dow Chemical Co. 2008 ENERGY STAR Partner of the Year". MSN Money. 18 March 2008. Retrieved 7 October 2015. 
  161. ^ a b c d e f g h i j k l m Board of Directors. Dow.com. Retrieved on 2013-08-17.
  162. ^ Chemical Week. McGraw-Hill. 2007. 
  163. ^ "Former Dow executives fight back". Chemical and Engineering News. May 14, 2007. p. 12. 
  164. ^ "Case Closed". Chemical and Engineering News. June 19, 2008. p. 10. 
  165. ^ Moses, Sue-Lynn. "Dow’s Habitat for Humanity Expansion Efforts to Include WASH". Inside Philanthropy. Inside Philanthropy. Retrieved 7 October 2015. 
  166. ^ "Keep America Beautiful - Dow". KAB. KAB. Retrieved 7 October 2015. 
  167. ^ "The Dow Event Center". The Dow Chemical Co. Archived from the original on 2006-04-27. Retrieved 2006-06-27. 
  168. ^ "Welcome to the Dow Event Center". Dow Event Center. Retrieved 2006-06-27. 
  169. ^ Timothy Mullin (1 April 2014). Baseball Road Trips: The Midwest and Great Lakes. Triumph Books. pp. 99–. ISBN 978-1-60078-969-4. 
  170. ^ Michigan Travel Ideas. Midwest Living. 2007. 
  171. ^ Broadcasting & Cable. Cahners Publishing Company. 2008. 
  172. ^ Kaskey, Jack. "Dow Chemical to Sponsor Olympics Games Through 2020". Bloomberg. Bloomberg. Retrieved 7 October 2015. 
  173. ^ "IOC Marketing Report" (PDF). IOC Marketing Report. IOC Marketing Report. Retrieved 7 October 2015. 
  174. ^ Hirst, Michael. "London 2012: How does Dow Chemical gain from Olympics?". BBC News. BBC News. Retrieved 7 October 2015. 
  175. ^ Magnay, Jacquelin (2012-03-12). "Dow Chemical Co.". The Daily Telegraph. Retrieved 2012-05-31. 
  176. ^ TEIXEIRA, MARCELO. "Rio 2016 says it will offset 3.6 mln tonnes of emissions at Games". Reuters. Reuters. Retrieved 6 November 2015. 
  177. ^ Hower, Mike. "Dow Chemical Named Official Carbon Partner for 2014 Winter Olympics". Sustainable Brands. Sustainable Brands. Retrieved 6 November 2015. 
  178. ^ Bruce, Kenny. "DILLON TO DRIVE NO. 3 SPRINT CUP CAR FOR RCR". Nascar.com. Nascar. Retrieved 7 October 2015. 
  179. ^ Gerald Davis; Christopher White (24 February 2015). Changing Your Company from the Inside Out: A Guide for Social Intrapreneurs. Harvard Business Review Press. pp. 85–. ISBN 978-1-4221-8510-0. 
  180. ^ "Experimenting With Danger". U.S Chemical Safety Board. Retrieved 2013-06-17. 
  181. ^ Broadwith, Philip. "Laboratory safety goes digital". chemistryworld. chemistryworld. Retrieved 7 October 2015. 
  182. ^ "Nature Conservancy and Dow announce collaboration". Retrieved 2013-06-27. 
  183. ^ "Nature Conservancy and Dow announce collaboration pilot sites in Brazil". Retrieved 2013-06-27. 
  184. ^ "The Economics of Ecosystems". Retrieved 2013-06-27. 
  185. ^ "ACC Sees U.S. Chemicals Growth to Top GDP, But Cuts View - Analyst Blog". Nasdaq.com. Zacks.com. Retrieved 7 October 2015. 
  186. ^ a b Trefis, Team. "Dow Continues Margin Expansion But Lower Oil Prices Weigh On Outlook". Forbes. Forbes. Retrieved 7 October 2015. 
  187. ^ a b "Chemical Outlook 2015 By Market". Chemical and Engineering News 93 (2): 9–15. January 12, 2015. Retrieved 7 October 2015. 
  188. ^ Cohen, Mike. "Dow Chemical extends footprint in Africa as sales growth soars". Crain's Detroit Business. Crain's Detroit Business. Retrieved 7 October 2015. 
  189. ^ "Dow Chemical's Liveris on Growth Strategy, Outlook". Bloomberg. Bloomberg. Retrieved 7 October 2015. 
  190. ^ "Dow - 10Q SEC filing". Dow. Dow. Retrieved 16 November 2015. 
  191. ^ Fukushima, Kurumi. "Dow Chemical (DOW) Stock Climbing Today Following Earnings Beat". The Street. The Street. Retrieved 3 December 2015. 
  192. ^ Linnane, Ciara. "Dow Chemical beats profit estimates, but sales fall short". MarketWatch. MarketWatch. Retrieved 3 December 2015. 
  193. ^ "Former Steelworker President George Becker Dies". United Steelworkers. February 5, 2007. 
  194. ^ "Paul 'Buddy' Burris". Norman Transcript. Retrieved December 2014. 
  195. ^ "Norman Carnahan". Acadian Museum. Retrieved December 2014. 
  196. ^ "Falck, Sven Trygve ( 1943- )". Stortinget. Retrieved December 2014. 
  197. ^ Dahl, Bill. "Artist Biography". AllMusic. Retrieved December 2014. 
  198. ^ "Othmeralia". Othmeralia. March 1, 2014. 
  199. ^ "Alexandre Hohagen - Regional Managing Director for Latin America". Google.com. Retrieved December 2014. 
  200. ^ Trinajsti, Nenad (January 2005). "Zdravko Pusko Ježić". Croatica Chemica Acta. 
  201. ^ "Dow Chemical Canada Inc / Claude-Andre Lachance, Director, Public Affair". Office of the Commissioner of Lobbying of Canada. September 5, 2014. 
  202. ^ "Ray Mcintire, 77, Chemist Who Invented Styrofoam By Accident". Chicago Tribune. February 4, 1996. 
  203. ^ Yu, Kate (Feb 1, 2013). "Man of the Masses". Chromatographyonline.com. 
  204. ^ Tower, Mark (August 6, 2014). "Sen. John Moolenaar Defeats Paul Mitchell in 4th District Congressional Republican Primary Race". mlive. 
  205. ^ "George A. Olah - Biographical". Nobel Foundation. Retrieved December 2014. 
  206. ^ Sherratt, Gerald R. (October 6, 2011). "Cedar City Native Invented the Credit Card". Iron County Today. 
  207. ^ "Roy A. Periana". Scripps Research Institute. Retrieved December 2014. 
  208. ^ Munahid, Ahmad (April 23, 2012). "Abu Ammaar Yasir Qadhi: The Sign of Inspiration for Muslim Youth". Islamic Scholars Worldwide. 
  209. ^ Roy, Ann See (2010). Pain, Pain, Pain...Still So Much Pain. Xlibris. p. 62. 
  210. ^ "C. Sheldon Roberts ’48". Rensselaer Polytechnic Institute. Retrieved December 2014. 
  211. ^ Brown, Ethan (June 4, 2014). "Chemist Alexander Shulgin, Who Inspired ‘Psychonauts’ Movement, Dead at 88". Al Jazeera America. 
  212. ^ "Mary P. Sinclair". Midland Daily News. January 15, 2011. 
  213. ^ "Huimin Zhao". John Simon Guggenheim Memorial Foundation. Retrieved December 2014. 

Further reading[edit]

External links[edit]