Midland, Michigan -- Dow Chemical Co. has announced that its overall sales and profit - and those of its polyurethanes-related businesses - have rebounded after a tough 2009.
The Michigan-based company's 3 Feb report showed annual sales of $53 700 million, up almost 20 percent from 2009, with annual profit more than tripling to $23 000 million.
Dow's Performance Products sector, which includes polyurethanes, epoxy and emulsion polymers, saw its sales climb 20 percent to almost $10 903 million in 2010. Pretax profit at the unit rose 18 percent to 1 300 million.
Sales at the company's Performance Systems unit were $6676 million, compared to $5902 million in 2009.
Combined, Plastics and Performance Products accounted for almost 42 percent of Dow's total sales in 2010. The units' share of Dow's pretax profit - before corporate eliminations - was almost 50 percent.
In the fourth quarter, sales in Performance Products were up 23 percent compared with the same period in 2009, at $2 700 million. Polyurethanes reported a strong increase in sales, with volume gains across the business. Dow recorded demand growth in all geographic areas except Asia Pacific, as the business implemented price gains to recapture margin.
Dow's Automotive Systems, part of its Performance Systems unit, reported a double-digit improvement in volume, led by strong demand in North America. The business reported a demand increase of more than 20 percent for its polyurethane foams and systems formulations in the last quarter of 2010 compared to the same period in 2009.
Commenting on the report, in a 3 Feb statement, Dow chairman and ceo Andrew Liveris said:
"Dow is well Dow is well-positioned for the improving economic climate and will continue to benefit from growth in high-margin sectors, such as electronics and packaging.
"We demonstrated the success of our strategy over the course of 2010, as volume grew and margins expanded in our combined Performance segments," he added.
Report by Frank Esposito, Plastics News, and Louise McHenry