Dubai, United Arab Emirates - November 16, 2008
Dow Chemical India, Middle East & Africa (IMEA), a leading science and technology company, has announced reported sales of US$481 million in the third quarter of 2008, an increase of 37 percent from the same period last year. Strategic regional investments helped Dow Chemical IMEA to achieve a record high third quarter growth rate when compared to other global regions.
Despite a nine percent global drop due to the impact of Hurricanes Gustav and Ike in the USA, year-over-year sales volume for the IMEA region rose 21 percent when compared to the same period in 2007. The IMEA region was the only region to witness an increase in sales volume.
"Dow performed well in the third quarter despite a difficult economy and increased costs," said Andrew N. Liveris, Dow's chairman and chief executive officer. "Our ability to take proactive measures, including the implementation of two broad-based price increases and aggressive cost controls, allowed us to post solid results against worsening market conditions, record high raw material costs and two hurricanes on the U.S. Gulf Coast."
Commenting regionally, John Dearborn, president, Dow Chemical IMEA, said: "At Dow, we provide the building blocks, technologies, and solutions for the rapidly growing and diverse population of the Middle East. This makes us a fundamental agent for this region's transformation. As we enter our third decade of joint venture partnerships in the Middle East, we continue to work closely with each of our partners to deliver on our commitment to innovation and growth".
About Dow Chemical in the Middle East
Dow has eight current and proposed Middle East joint ventures in the UAE, Egypt, Kuwait and Libya as well as in Saudi Arabia, where Saudi Aramco and Dow are in the formation process of a joint venture to build, own and operate a world-scale chemicals and plastics production complex in the Eastern Province. From the opening of its first commercial office in Cairo in the early 1970's to its facility in Jebel Ali in Dubai and its 10-year partnership in Kuwait with EQUATE, Dow has managed to establish a solid presence in the Middle East petrochemicals industry.
Key Middle East highlights include:
- The Dow Chemical Company and Petrochemical Industries Company (PIC) of the State of Kuwait, a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), continued to make progress on their $11 billion proposed 50:50 joint venture. The two companies named James R. Fitterling the chief executive officer of the new market leading global company - K-Dow Petrochemicals (KDP).
- Dow Wire & Cable, a global business of The Dow Chemical Company, introduced its complete portfolio of insulation, semi-conductive and jacketing compounds for high and extra high voltage underground cables in the Middle East.
- Dow Chemical in the Middle East has launched its India, Middle East and Africa (IMEA) specific website - www.dowimea.com. The new website has been carefully tailored to include specific regional activities in IMEA.
Dow and Energy Sustainability
As a world leader in chemistry, Dow is committed to bringing solutions to the world for some of the most serious problems encountered today, including efficient and effective use of the planet's resources. Between 1990 and 2005, Dow lowered its energy intensity by 38 percent and reduced absolute greenhouse gas emissions by more than 20 percent, far exceeding the targets set forth in the Kyoto Protocol.
Dow believes that providing humanity with a sustainable energy supply while addressing climate change is one of the most urgent environmental issues the world faces. Dow is one of the biggest producers in the world of products that reduce energy use. The Company's efforts in the development of solar and wind energy and feedstocks made from renewable sources are resulting in groundbreaking applications that will have global implications.
Notes to Editors:
The complete third quarter 2008 earnings statement is available at:
http://www.dow.com/financial/reports/08q3earn.htm
About Dow
Note: The forward-looking statements contained in this document involve risks and uncertainties that may affect the Company's operations, markets, products, services, prices and other factors as discussed in filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, economic, competitive, legal, governmental and technological factors. Accordingly, there is no assurance that the Company's expectations will be realized. The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change, except as otherwise required by securities and other applicable laws.
For further information on Dow:
Mira Meghdessian
The Dow Chemical Company
t +971.4.312.3635
Gaya Subramaniam
GolinHarris
t +971.4.332.3308
gsubramaniam@golinharris.com
Gaurav Bhatnagar
GolinHarris
t +971.4.332.3308
gbhatnagar@golinharris.com
