Dow News Summary
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Dow News Summary
Dow Announces Plans to Fully Integrate and Grow North American Performance Businesses with Shale Gas Liquids
Dow announced comprehensive plans to increase the Company’s ethylene and propylene production – and to integrate its U.S. operations into feedstock opportunities available from increasing supplies of U.S. shale gas in the Marcellus and Eagle Ford shale regions.
“The improved outlook for U.S. natural gas supply from shale brings the prospect of competitively priced ethane and propane feedstocks to Dow – and the promise of new manufacturing jobs to America,” said Jim Fitterling, Dow executive vice president and president of Corporate Development & Hydrocarbons. “Our plan is to further integrate Dow’s businesses with the advantaged feedstocks, based on shale gas deposits and long-term ethane and propane supply agreements. These actions will strengthen the competitiveness of our Performance Plastics, Performance Products and Advanced Materials businesses, for example, the Elastomers product family and the full Acrylates chain, as we continue to capture growth in the Americas.”
Dow Featured on CBS Evening News National Network, Highlights Company’s Green Tech Jobs, Workforce Training
On Wednesday, May 11, Dow was featured on the CBS Evening News with Katie Couric during part two of a threepart series dubbed “Help Wanted – Getting America Back to Work.”
The news segment highlighted Dow as a private sector company that, in the aftermath of the global economic crisis, has taken matters into its own hands to create new jobs in new sectors, re-train displaced workers and put them back to work.
Anthony Mason, CBS senior business correspondent, visited the Company’s Michigan Operations manufacturing facility in Midland, Michigan, where he interviewed Dow chairman and CEO Andrew N. Liveris about the book Make It in America, Dow’s investments in green tech jobs and the re-training of the workforce to support those jobs.
The interview included a tour of the DOW POWERHOUSE™ Solar Shingle pilot facility and candid discussions with Dow Solar employees, including those who are recent graduates of the local Delta College Fast Start solar training program. Workers shared unique perspectives on how Dow’s commitment to advanced manufacturing jobs and the revitalization of the nation’s economy – particularly in Michigan’s Great Lakes Bay Region – has impacted their lives.
Dow and Saudi Aramco Announce Joint Venture to Drive Downstream Growth through World-Scale Chemicals Project
Dow and the Saudi Arabian Oil Company (Saudi Aramco) announced that the Boards of Directors of both companies have approved the formation of a joint venture (JV) to build and operate a world-scale, fully integrated chemicals complex in Jubail Industrial City, Kingdom of Saudi Arabia. The authorization for the new joint venture, named “Sadara Chemical Company,” comes after an extensive project feasibility study and front-end engineering and design effort that began in 2007.
Dow and Aksa Sign Memorandum of Understanding to Form Integrated Carbon Fiber and Derivatives Joint Venture
Dow, through its wholly-owned subsidiary Dow Europe GmbH, and Aksa Akrilik Kimya Sanayii A.Ş. (Aksa) announced a Memorandum of Understanding (MOU) with the intent to form a joint venture to manufacture and globally commercialize carbon fiber and derivatives. These materials are used in a variety of applications in many growth industries, such as wind energy, transportation and infrastructure, where weight savings, durability and energy efficiency are key performance factors. Through this agreement, both companies will work together to explore opportunities to create fullyintegrated production facilities for the manufacture and global supply of carbon fibers and derivatives.
Dow and Ube Form Joint Venture to Manufacture Electrolytes for Lithium-Ion Batteries
Dow and Ube Industries Ltd. (Ube) announced an agreement to form a joint venture to manufacture and market formulated electrolytes for lithium-ion batteries in energy storage applications. The 50-50 joint venture, named Advanced Electrolyte Technologies LLC, is expected to be finalized later this year, pending regulatory approval. The joint venture is another important step in Dow’s commitment to develop innovative material science technologies to solve some of society’s most pressing challenges through chemistry, including the world’s growing need for clean energy solutions.
Dow Announces Sale of Global Polypropylene Business to Braskem for $340 Million
Dow announced that it has signed a definitive agreement under which Dow’s global Polypropylene business will be divested to Braskem for a total enterprise value to Dow of $340 million, comprised of $323 million cash purchase price plus other cash and contingency assumptions of $17 million. Enterprise value multiple to Dow is 6.7x EBITDA.1 Dow expects to report a gain on this divestment, and the transaction is expected to close by the end of the third quarter 2011, pending regulatory approval. In addition to this transaction, the two companies will continue to evaluate potential future collaborations on growth opportunities in connection with their strategies.
1EBITDA is defined as earnings (i.e., “Net Income”) before interest, income taxes, depreciation and amortization.
Dow and Mitsui to Create Platform for Biopolymers to Serve Packaging, Hygiene and Medical Markets
Dow and Mitsui & Co. Ltd., of Tokyo, Japan, announced the formation of a new joint venture and execution of an MOU aimed at providing innovative and sustainable product solutions to the global high-performance flexible packaging, hygiene and medical markets. This represents the world’s largest biopolymers play and is Dow’s largest investment in Brazil, a country in which Dow has operated successfully for more than 50 years.
Michigan Businesses First in Country to Benefit from New Impact Investment Initiative
The U.S. Small Business Administration (SBA), State of Michigan Retirement Systems (SMRS), Dow and InvestAmerica have partnered to provide Michigan businesses with debt and equity funding through the InvestMichigan! Mezzanine Fund. The fund will invest up to $130 million into lower-middle-market Michigan companies over the next five years and was formed in partnership with the SBA through its new Start-Up America Impact Investment SBIC Initiative. Michigan is the first state to benefit from the initiative, which aims to commit $1 billion nationwide.
Jennifer Granholm Elected to Dow Board of Directors
Dow announced that Jennifer M. Granholm, former governor of the state of Michigan, has been elected to its Board of Directors, effective immediately.
TSRC Corporation to Acquire Dexco Polymers from Dow and ExxonMobil
Dow and ExxonMobil Chemical Company, a division of ExxonMobil Corporation, have signed an agreement to divest their ownership interests in Dexco Polymers L.P. to TSRC Corporation of Taiwan. Dexco Polymers, currently a 50:50 joint venture between affiliates of Dow and ExxonMobil Chemical, is a global leader in Styrene-Isoprene-Styrene (SIS) block copolymers and Styrene-Butadiene-Styrene (SBS) block copolymers, collectively known as Styrene Block Copolymers (SBCs).
Grants from Dow to Spark Students’ Exploration of the Environment
Philadelphia area science students from two Montgomery County schools will be rolling up their sleeves and heading outdoors – thanks to support from Dow. Shady Grove Elementary and Wissahickon High School will use DowGives grants to build their science curricula with hands-on, interactive elements to excite students through science exploration.
“It’s Elemental” Video Contest Winners Receive Dow Grants for STEM Education
Videos created by high school students across the country were judged as part of It’s Elemental, an online student video contest created and hosted by the Chemical Heritage Foundation (CHF) and sponsored by Dow. The online video contest attracted approximately 700 entries from 36 different U.S. states. The program was designed to inspire interest in chemistry among students, one of the objectives of the United Nationsdesignated 2011 International Year of Chemistry (IYC).
Dow Champions the Power and Potential of Chemistry at Official Launch Ceremony for Global Chemistry Celebration
Dow joined leaders in chemistry from around the globe to celebrate the official global launch of the United Nations-designated International Year of Chemistry (IYC). Taking place at the United Nations Educational, Scientific and Cultural Organization (UNESCO) headquarters in Paris, France, Dow leadership participated in the event to help advance public understanding and appreciation of chemistry and to help foster international collaboration among chemistry stakeholders.
Dow Fabric & Surface Care Receives “Best Innovation Contributor 2010” Award from Henkel
Dow Fabric & Surface Care received the “Best Innovation Contributor 2010” award from Henkel Laundry & Home Care at the 2011 American Cleaning Institute (ACI) – formerly the Soap and Detergent Association (SDA) – Annual Meeting and Industry Convention. Every year Henkel recognizes an external partner for delivery of outstanding, consumer-relevant innovation. This year Dow received Henkel’s award for SoftCAT™ polymer, a conditioning polymer that enhances textile elasticity.
Dow Partners with Global Business Coalition on Healthy Women, Healthy Economies Initiative
Dow announced its partnership with the Global Business Coalition (GBC) and the U.S. State Department,as well as other leading corporations, to launch a two year strategic initiative called “Healthy Women, Healthy Economies.” The initiative is a unique forum for business that will, over the next two years, shape a powerful agenda for corporate investment in women and girls, including radically expanded and improved health outcomes.
Dow Wolff Cellulosics Launches METHOCEL™ for Flavor Emulsions
Dow Wolff Cellulosics, a business unit of Dow, launched its cellulose-based flavor stabilization solution for beverages: METHOCEL™ for Flavor Emulsions. In the past, OSA Starch and Gum Arabic were the only flavor stabilizing options preventing oil separation in beverages and ensuring great taste over time. Today, beverage and flavor manufacturers are presented with a more cost-effective alternative. Tests and analysis showed that METHOCEL™ provides equal or better performance compared to OSA Starch or Gum Arabic, using up to 10 times less product, leading up to a three times lower cost in-use.
Dow Continues Strategic Drive to Right-Size Basics Manufacturing Footprint
Dow announced it would close two vinyl chloride monomer (VCM) production units in 2011. Dow shut down a production unit in Oyster Creek, Texas, in the first quarter of 2011. The closure of a second VCM unit, located in Plaquemine, Louisiana, was announced in 2009. The Louisiana plant will cease operations in the third quarter of 2011.
Customers Can Now Satisfy Nearly All Cellular PVC Needs with Dow’s Expanded Line of SURECEL™ Foam Cell Promoters
Dow Plastics Additives, a business unit of Dow, announced that it has broadened its line of award winning SURECEL™ Foam Cell Promoters. Customers may now choose among three SURECEL Foam Cell Promoters: SURECEL T-55 for free-foam sheet, decking and profiles; SURECEL C for complicated celuka dies; and SURECEL T-50 for the lowest density free-foam sheet.
Dow Declares Quarterly Dividend of 15 Cents per Share
Dow declared a dividend of 15 cents per share, payable April 29, 2011, to shareholders of record on March 31, 2011.
Dow St. Charles Operations and Audubon Nature Institute Pioneer Whooping Crane Return to Louisiana
After nearly 80 years, North America’s tallest bird is finally coming home. Dow’s St. Charles Operations announced a three-year sponsorship of the Audubon Nature Institute’s Whooping Crane Recovery Program, which plans to restore the endangered Whooping Crane to its native Louisiana environment.
Dow Announces Plans to Retire Debt in the First Quarter
Dow announced that it is launching a cash tender offer for approximately $750 million aggregate principal amount of notes listed by Dow and its subsidiaries.
Dow Building Solutions Supports Habitat for Humanity’s Neighborhood Revitalization Initiative with Insulation and Air Sealing Product Donations
Dow Building Solutions, a business unit of Dow, is donating insulation and air sealing products in support of Habitat for Humanity’s Neighborhood Revitalization Initiative. Dow will provide select products from its building envelope product portfolio, including STYROFOAM™ Brand Extruded Polystyrene (XPS) Foam Insulation, GREAT STUFF™ Window & Door Insulating Foam Sealant, the new GREAT STUFF™ Work Wipes and other products, as needed, for a Jonesboro, Georgia, home construction project of Southern Crescent Habitat for Humanity.
Dow Announces Sponsorship of Special Olympics World Summer Games
Dow announced its sponsorship of the 2011 Special Olympics World Summer Games, making Dow the official chemistry company of the Special Olympics. Dow joins other international sponsors including Microsoft, Coca-Cola and Cisco.
Dow Signs Women’s Empowerment Principles to Promote Gender Equality in the Workplace
Dow announced its Chairman and CEO Andrew N. Liveris has signed the CEO statement of support for the Women’s Empowerment Principles, a partnership initiative of UN Women and UN Global Compact – joining 167 companies and other organizations from around the world in their mission to promote gender equality and women’s empowerment.
Dow Names Doug May as Vice President, Investor Relations
Dow announced that Doug May, vice president of Energy & Climate Change, has been named vice president of Investor Relations for the Company.
Dow Announces Emergency Aid and Rebuilding Support in Response to Japanese Earthquake and Tsunami
Dow announced the Company will make a donation of up to $6 million in humanitarian aid in response to the earthquake and subsequent tsunami that struck Japan on March 11.
Dow Names George Biltz Vice President, Energy & Climate
Dow announced that George Biltz has been named vice president, Energy & Climate Change. Biltz will be responsible for delivering Energy business profitability, power production at the 13 Company-operated power plants, as well as steam and utilities and energy service to more than 120 manufacturing facilities globally. In addition, he will be accountable for the Company’s energy conservation and greenhouse gas emission reduction efforts, including implementation of clean energy solutions at operating sites around the world. Biltz will also lead Dow’s global advocacy presence in the areas of climate change and energy public policy.
Dow Announces Development of a New Polymeric Flame Retardant Technology for Polystyrene Foam Building Insulation
Dow Global Technologies LLC, a subsidiary of Dow, announced the invention and development of a new, high molecular weight brominated Polymeric Flame Retardant (Polymeric FR). The Polymeric FR is expected to be the “next generation industry standard” flame retardant for use in both extruded polystyrene (XPS) and expanded polystyrene (EPS) foam insulation applications globally. The development of the new Polymeric FR is the result of Dow’s continuing search for more sustainable products and, in this case, for a flame retardant that can replace hexabromocyclododecane (HBCD).
Dow Launches First in Series of Specialty Amines Formulated Specifically for Treating Natural Gas from Shale
Dow Oil & Gas, a business unit of Dow, officially introduced UCARSOL™ Shale H-100 amine, a specialty amine blend designed specifically for treating natural gas from the Haynesville shale, at the Gas Processors Association Convention in San Antonio, Texas. An extension of the well-known UCARSOL line of specialty amines, UCARSOL Shale H-100 amine is a proprietary, ready-to-use blend designed to help efficiently process natural gas from the Haynesville shale formation found in eastern Texas and western Louisiana.
Dow Encourages Students to Innovate and Create Sustainable Solutions During the 2011 Sustainability Innovation Student Challenge
Dow announced the third annual Dow Sustainability Innovation Student Challenge program. The initiative, developed in conjunction with Dow’s 2015 Sustainability Goals, rewards students for innovative research and thinking that seeks to address some of the greatest challenges facing the world, such as global hunger, access to clean water and developing renewable energy sources. This year’s program takes place during the International Year of Chemistry (IYC), providing an opportunity for Dow to promote the IYC objective of advancing scientific research and education through industry and academic collaboration.
Dow Introduces Breakthrough Polypropylene Resin for Production of Remarkably Soft, Cloth-Like Nonwoven Textiles
Dow introduced DOW SOFT TOUCH™ Polypropylene Resin, a family of breakthrough single-pellet resin solutions for the efficient production of monocomponent spunbond nonwoven fabrics that exhibit remarkable softness and drape while retaining the physical properties of polypropylene nonwoven fabrics.
Dow’s PRIMAL™ ECONEXT™ Ultra-Low Formaldehyde Binder Recognized as Example of Excellence at Global INDEX 11 Show
One of Dow’s latest breakthroughs – ultra-low formaldehyde acrylic binder technology for use in nonwoven materials – has been recognized for excellence by the international trade association serving the nonwovens industry.
Dow’s Excellence in Energy Efficiency Continues to Gain Important Recognition
Dow is a leader in energy conservation and has been recognized for its excellence in energy efficiency by the U.S. Department of Energy (DOE). The DOE awarded two Superior Energy Performance certifications to the Company for achievements in energy efficiency at its Texas City Operations facility.
Dow Board of Directors Declares an Increase in Dividend from 15 Cents to 25 Cents for the Second Quarter
Dow announced that its Board of Directors has declared a 67 percent increase in the second quarter dividend, from $0.15 per share to $0.25 per share.
Dow, Oak Ridge National Lab and Lawrence Berkeley National Lab to Develop Next-Generation Cool Roofs
Dow is pleased to announce that the U.S. Department of Energy (DOE) will fund key lab research as part of a Cooperative Research and Development Agreement (CRADA) between Dow and DOE’s Oak Ridge National Laboratory (ORNL) to accelerate the adoption of cool roof technologies in the U.S. As a critical element of the research agreement, ORNL will partner with DOE’s Lawrence Berkeley National Laboratory (LBNL) to bring a broad range of cool roof technology and experience from their applied research in this field. The research will focus on the development of new solar reflective technologies that would increase by over 50 percent the energy savings that cool roofs offer for new and existing commercial buildings.
Dow Introduces ECOSURF™ LF APEO-Free Pigment Grind Surfactant
Dow Coating Materials, a global business unit of Dow, announces a new addition to its product line of APEO-free surfactants. ECOSURF™ LF Surfactants are low-foam, high-performance additives for pigment dispersion that offer excellent pigment wetting and color acceptance, plus additional foam control through cloud point defoaming.
Dow AgroSciences Named One of Best Places to Work in Life Sciences
Dow AgroSciences LLC, a wholly owned subsidiary of Dow, has been named one of the best places to work in the life sciences industry by The Scientist magazine’s 9th annual “Best Places to Work in Industry” survey. Dow AgroSciences was ranked third on the Top 10 Large Companies list.
Dow Introduces New Polyolefin Elastomers for Automotive
Dow is introducing ENGAGE™ XLT elastomer, a new grade of polyolefin elastomer for thermoplastic olefins (TPOs) used for automotive interior and exterior components. When compounded with polypropylene, this new material delivers a combination of benefits not previously possible with other TPO impact modifiers.
Dow Electronic Materials Wins Epistar’s First- Ever Supplier Award for Supply of Metalorganic Precursors and Exceptional Customer Support
Dow Electronic Materials, a business unit of Dow Advanced Materials, announced that Epistar Corporation, a world-leading high brightness LED epiwafer and chip manufacturer, has awarded its firstever Supplier Award to the Metalorganic Technologies business of Dow Electronic Materials. As a supplier to Epistar of metalorganic precursors for the manufacture of high brightness LEDs, Dow was recognized for ensuring the supply of precursor materials, improving product quality, providing excellent material and process support for manufacturing, offering superior customer communications and achieving high customer satisfaction.
Dow Water & Process Solutions Awarded “Desalination Plant of the Year” by Global Water Intelligence
Dow Water & Process Solutions was awarded “Desalination Plant of the Year” by Global Water Intelligence (GWI) for its seawater reverse osmosis (SWRO) facility in Kurnell, Australia. The award was presented by former Secretary General of the United Nations, Kofi Annan, during the Global Water Awards ceremony in Berlin, Germany.
Dow and Targray Complete Global Distribution Agreement for ENLIGHT™ Polyolefin Encapsulant Films
Targray Technology International and Dow announce the renewal of their Master Distribution Agreement, which allows Targray to be the exclusive distributor of Dow’s ENLIGHT™ Polyolefin Encapsulant Films. This innovative, high performance film can enhance efficiencies in photovoltaic module production and lead to lower conversion costs with potentially shorter lamination cycle times – without sacrificing adhesion performance or material stability during lamination.
Dow Unveils New Conditioning Polymer to Enhance Body Wash and Shampoo Formulations
Dow Personal Care, a business unit of Dow, introduced EcoSmooth™ Satin Conditioning Polymer for body wash and mild conditioning shampoo formulations. Unveiled at the New York Society of Cosmetic Chemists Suppliers’ Day trade show, EcoSmooth™ Satin is the second product from the new EcoSmooth™ Platform and offers formulators the ability to address consumer demands for moisturizing body washes and conditioning shampoos.
Dow Electronic Materials Wins New Product Introduction Award
Dow Electronic Materials recently received the New Product Introduction Award from Printed Circuit Design & Fabrication magazine for its AUROLECTROLESS™ SMT 520 Immersion Gold Bath solution in the Final Finish category for printed circuit board manufacturing. To address the concern for rising raw material costs, the enhanced-performance bath offers cost benefits by consuming less precious metal.