Dow Chemical
1. Company History
The Dow Chemical Company, usually referred to as Dow, is an American international chemical company headquartered in Midland, Michigan. As of 2007, it is the second-largest chemical manufacturer in the world by revenue and as of February 2009, the third-largest chemical company in the world by market capitalization. Dow manufactures plastics, chemicals, and agricultural products. With a presence in approximately 160 countries, it employs around 54,000 people worldwide. Its stated mission, under the current CEO, Andrew N. Liveris, is: "To passionately innovate what is essential to human progress by providing sustainable solutions to our customers" with the vision: "To be the most profitable and respected science-driven chemical company in the world", and the values: “Integrity, Respect for People, and Protecting our Planet. The company has seven different major operating segments, with a wide variety of products made by each one. Dow's 2012 sales totaled approximately $57 billion. Dow has been called the "chemical companies' chemical company" due to the fact that most of its sales are to other industries rather than end-users. Dow sells directly to end-users primarily in the human and animal health and consumer products markets. The Dow Chemical Company combines the power of science and technology to fervently revolutionize what is important to human growth. The Company associates chemistry and modernization with the principles of sustainability to help address many of the issues, such as the need for clean water, renewable energy generation and conservation, and increasing agricultural productivity. Its diversified portfolio of specialty chemicals, advanced materials, agro sciences and plastics businesses delivers a broad range of technology-based products and solutions to customers in approximately 160 countries and in high growth sectors such as electronics, water, energy, coatings and agriculture. The Company conducts its worldwide operations through global businesses, which are reported in six operating segments: Electronic and Functional Materials, Coatings and Infrastructure Solutions, Agricultural Sciences, Performance Materials, Performance Plastics, and Feedstock’s and Energy. 2. Financial Analysis

Dow Financial Statements | | |
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Dow' December 31 Balance Sh...

-24.5 0 0.0 000 011 058 1 1.03 1.09 1.44 1.46 1.6 1.71 1.9 1.90 1.96 1.98 10 10.0 10.06 10.41 100 100.0 103 109 11 11.1 11.25 11.5 11.8 11.84 12 12.3 120 123 128 13.25 13.4 13.8 14 14.31 14.75 15 15.0 15.3 15.76 150 154 157 16 16.4 16.8 160 165 17 17.25 17.6 18 18.5 19.3 19.53 19.91 2 2.2 2.65 2.92 20 20.4 20.9 2007 2009 2011 2012 21.5 210 217 219 22 22.4 22.5 23 23.4 23.7 234 235 24.5 244 25 25.0 25.3 252 259 264 272 28 29.3 29.5 3 3.1 3.14 3.50 3.7 3.88 30 30.0 309 31 311 31st 32.1 321 33.1 33.8 34 34.5 35.6 36 364 365 372 38 385 386 388 4.45 4.6 4.63 4.68 4.7 40 400 42 43 430 436 444 450 455 477 48.6 49.0 49.03 49.46 49.5 5.4 5.50 5.58 5.6 50.5 51.0 52 527 54 554 57 575 58.3 58.7 59 6 6.0 6.75 6.78 6.9 6.90 60 605 625 63 656 659 67 67.9 670 678 68 7 7.10 7.78 7.8 717 74 75 752 76 761 77 774 774millions 78.5 8 8.58 82.89 823 824 829 83.2 831 84 84.0 85 85.0 85.73 88.2 884 896 9 9.0 9.1 9.4 9.5 9.8 9.9 90 91 914 924 955 982 account accrual addit address advanc agricultur agro also american amort analysi andrew anim approxim around asset associ avg b balanc base basf basic becom billion book broad busi call capit cash ceo chang chemic chemica chemistri clean coat combin common compani compar competitor conduct conserv consum countri coverag cumberland current custom data day de debt decemb deliv depr depreci differ direct diversifi dividend dollar dow driven du due e earn ebit ebitda ebt electron employ end end-us energi equiti equival essenti exceed exclud expens explain exxonmobil fact februari feedstock fervent financi fix flow fraction function fund generat global grew growth headquart health help high histori human import incom increas incred industri infrastructur innov integr interest intern inventori invest issu l largest leas liabil life liquid liveri long long-term low made major manag mani manufactur margin market market-to-book materi maxim mean michigan midland million mission modern multipli n need nemour net ni note number o one oper oppos outstand pacif passion past payabl payment peopl per percent perform planet plastic pm pont portfolio posit power presenc price price-to-cash price-to-earn primarili principl problem product profit progress protect provid quick rang rate rather ratio receiv refer remain renew report respect retain return reveal revenu revolution roe sale scienc science-driven se second second-largest sector see segment sell seven share sheet short short-term sink six size small solut specialti state statement stock sustain ta tax technolog technology-bas term third third-largest thousand time times-interest-earn top total turnov user usual util v valu varieti vision water well wide world worldwid x year year-end