Dow reports sales increase in first half of 2017
Canadian PlasticsEconomy Market Forecast Materials
On the cusp of its merger with DuPont Co., chemical giant Dow Chemical Co.'s sales increased to US$13.8 billion in the first half of 2017, up 16 per cent year-over-year.
On the cusp of its merger with DuPont Co., chemical giant Dow Chemical Co.’s sales increased to US$13.8 billion in the first half of 2017, up 16 per cent year-over-year.
“Sales rose 8 per cent excluding the addition of Dow Corning’s silicones business, with increases in all operating segments and all geographic areas,” Midland, Mich.-based Dow said in a statement. “Sales gains were led by Performance Materials & Chemicals (up 13 per cent) as well as Performance Plastics and Consumer Solutions (each up 8 per cent), and by Europe, the Middle East, Africa and India (up 12 per cent), Asia Pacific (up 8 per cent) and North America (up 7 per cent).”
Based on sales, Performance Plastics was the largest of Dow’s five operating units in the first half, responsible for more than 37 per cent of the firm’s total sales. Dow’s total sales for the half were up more than 19 per cent to almost US$27.1 billion.
“We have now achieved nearly five years – 19 consecutive quarters – of year-over-year operating earnings growth and nearly 4 years – 15 consecutive quarters – of volume growth.” Dow chairman and CEO Andrew Liveris said in the statement. “Just as importantly, we ended the quarter on the cusp of delivering the most comprehensive slate of growth investments in our industry – across the U.S. Gulf Coast, at our Sadara joint venture and through the ongoing integration of our silicones platform. And we made significant advancements toward our historic merger with DuPont.”
Dow’s merger with Wilmington, Del.-based chemical supplier DuPont is expected to be complete in August. The merger was recently approved in Canada by Canada’s Competition Bureau after both firms agreed to dispose of certain holdings involving packaging plastics and herbicides: DuPont will sell a significant part of its global herbicides business and research and development branch to FMC Corp., and Dow will sell its global business of certain specialized plastics products to SK Global Chemical Corp.