Dow Chemical Company

Dow Inc.
	File:Dow Chemical Company logo.svg
Company type	Public
Traded as	NYSE: DOW; S&P 500 component; DJIA component (2019-2024)
Industry	Chemicals
Founded	1897; 129 years ago; (original company); 1 April 2019; 7 years ago (current iteration)
Founder	Herbert Henry Dow
Headquarters	Midland, Michigan, U.S.
Area served	Worldwide
Key people	Jim Fitterling (chairman and CEO); Jeff Tate (CFO);
Products	Chemicals, plastics, performance chemicals, catalysts, coatings, hydrocarbon exploration
Revenue	Decrease Template:US$ (2024)
Operating income	Increase Template:US$ (2024)
Net income	Increase Template:US$ (2024)
Total assets	Decrease Template:US$ (2024)
Total equity	Decrease Template:US$ (2024)
Number of employees	c. 36,000 (2024)
Subsidiaries	The Dow Chemical Company; Union Carbide; Rohm and Haas;
Website	dow.com

The Dow Chemical Company is a U.S.-based multinational corporation with its headquarters located in Midland, Michigan. Recognized as one of the largest chemical manufacturers worldwide in 2021, it functions as the principal subsidiary of Dow Inc., a publicly listed holding entity incorporated in Delaware.

With operations spanning roughly 160 nations and employing around 36,000 individuals, Dow primarily serves industrial sectors rather than end consumers. The company is also part of the American Chemistry Council.

In 2015, Dow and DuPont declared their intention to merge, followed by a strategic division into three separate companies. This merger resulted in the creation of DowDuPont in 2017; subsequently, in April 2019, Dow’s materials science division was separated to operate independently as the Dow Chemical Company under Dow Inc., representing a major corporate restructuring aimed at sharpening market focus and increasing shareholder returns.

Early history

Founded in 1897 by chemist Herbert Henry Dow, the company originated with an innovative technique to extract bromine from subterranean brine deposits in Midland, Michigan. Initially concentrating on manufacturing bleach and potassium bromide, the firm achieved a production rate of 72 tons of bleach daily by 1902. Early challenges included competition from British producers, which prompted Dow to lower prices and expand its product offerings despite initial financial setbacks.

In response to German manufacturers dumping low-cost bromide into the U.S. market in 1905, Dow adopted a strategy of acquiring these imports and reselling them within Europe at competitive prices, thereby disrupting competitors and broadening its market reach. Over the next twenty years, the company diversified its portfolio to include agricultural chemicals, elemental chlorine, phenol, dyes, and magnesium metal, laying the groundwork for extensive industrial applications.

During the period of World War I, Dow redirected its manufacturing capabilities to support wartime demands by producing magnesium for incendiary devices, monochlorobenzene and phenol for explosive materials, as well as bromine utilized in pharmaceuticals and tear gas. By 1918, military-related products accounted for 90% of the company's output. It was also during this era that Dow introduced its iconic diamond-shaped logo.

Following the war, Dow continued advancing magnesium technology by developing Dowmetal pistons which improved automotive engine performance and fuel economy. These pistons gained prominence when used in the winning car at the 1921 Indianapolis 500, underscoring Dow’s role in materials innovation and expansion into automotive component markets.

Passing of the Founder

H. H. Dow passed away on October 15, 1930, due to cirrhosis while undergoing treatment at the Mayo Clinic in Minnesota. He was credited with holding more than 90 patents and received the prestigious Perkin Medal shortly before his demise.

Willard Dow

Born in 1897, the same year Dow Chemical was established, Willard Dow was meticulously prepared by his father to grasp every aspect of the company’s operations. He joined the board of directors in 1922 and became general manager of the Midland facility in 1926. Following his father’s death, Willard guided the company throughout the Great Depression, with a strong focus on substantial investment in research and development.

During the 1930s, Dow expanded into the plastics sector, launching products such as ethylcellulose in 1935 and polystyrene in 1937, which became significant contributors to revenue.

Magnesium

Between 1940 and 1941, Dow constructed its inaugural plant in Freeport, Texas, producing magnesium extracted from seawater. This marked a major step forward in broadening its chemical manufacturing capabilities. The Freeport facility evolved into Dow’s largest operation and became the biggest integrated chemical complex in the United States, eventually manufacturing power, chlorine, caustic soda, and ethylene.

After the December attack on Pearl Harbor, the U.S. government assigned Dow the responsibility of ramping up magnesium production due to its critical use in lightweight aircraft components. Dow responded by doubling Freeport’s output capacity, establishing a second plant in Velasco, Texas, and adding two additional plants in Michigan. By 1942, facilities operated by Dow accounted for 84% of all magnesium produced in the U.S., underscoring Dow’s vital role during World War II.

Styrene

With natural rubber supplies cut off during World War II, the U.S. government turned to polybutadiene synthetic rubber made from butadiene and styrene. Dow was uniquely positioned as the only American producer of styrene and supported wartime efforts by operating plants supplying synthetic rubber for military applications. This period also marked Dow’s initial international expansion with the establishment of Dow Chemical of Canada in Sarnia, Ontario, which produced styrene for synthetic rubber manufacture.

Plastics & Foam

Dow provided essential materials for military use, including its first plastic product, ETHOCEL™, utilized in items such as control knobs and aircraft parts. Foamed polystyrene offered buoyancy for lifeboats and was later commercialized under the brand STYROFOAM™. Additionally, Dow developed SARAN™ resins used for insect screens and shoe insoles suited to tropical climates; this plastic film was eventually adapted for consumer goods like Saran Wrap™.

Dow Corning

In 1943, Dow teamed up with Corning Glass Works to create Dow Corning, a joint venture specializing in silicone products tailored for military needs. Their first product, Dow Corning® 4 Compound, played a crucial role in enabling high-altitude flights by sealing ignition systems. After the war, Dow Corning broadened its scope into civilian markets and grew to become the leading global silicone manufacturer.

The Ethyl-Dow Chemical Co. facility at Kure Beach, North Carolina—the sole East Coast plant producing bromine from seawater—was attacked by a German U-boat in 1942.

Postwar Era

Carl Gerstacker rejoined Dow in 1946 following his military service as a Major. Initially trained as a production engineer, he applied the operational and financial insights gained during the war to transition into a corporate leadership position. By 1948, Gerstacker secured a seat on Dow's board of directors, marking a pivotal advancement in his executive trajectory and playing a significant role in guiding the company’s strategic direction during the postwar economic expansion.

Airplane crash

On March 31, 1949, Dow President and CEO Willard Dow tragically lost his life in an airplane accident. Subsequently, Leland Doan was named president; Earl Bennett, who was the father-in-law of Willard’s brother (Alden B. Dow), assumed the role of board chairman; Dr. Mark Putnam took on the position of general manager; Calvin Campbell was appointed secretary; and Carl Gerstacker became treasurer.

Leland Doan

After assuming the presidency in 1949, Leland Doan led a company reorganization aimed at diversification and expansion in response to postwar economic changes. With residential construction on the rise, Dow shifted its focus from predominantly business-to-business sales to developing a consumer product catalog, leveraging increased household demand.

Doan directed Dow’s most extensive product diversification and market growth efforts by decentralizing decision-making authority to department leaders and strengthening the sales team through market analysis training. The company announced a $25 million investment to expand its plastics division, alongside a $100 million budget earmarked for new facility construction slated for 1951. Carl Gerstacker was promoted to Vice-President in 1955, joined the Executive Committee, and later became Chairman in 1960. Doan retired in 1962 after expanding the workforce to 31,000 employees and growing sales from $200 million to $890 million over his 13-year leadership.

Ted Doan

Ted Doan followed his father as president at age 40, focusing on integrating various company divisions to improve operational efficiency while pursuing growth beyond domestic markets. He set an objective of achieving 10% annual earnings growth, with Dow’s sales exceeding $1 billion by 1964.

He prioritized employee involvement and research funding, establishing an open-door policy that continued beyond his tenure. Ted Doan frequently visited research laboratories to encourage innovation as a core business strategy.

He created a management "trioka," with Gerstacker responsible for finance and marketing, Ben Branch overseeing international business and manufacturing, and himself managing overall operations. This leadership trio convened biweekly and held annual retreats to develop strategy, review senior management performance, and implement necessary personnel adjustments.

Overseas

Acknowledging the opportunities presented by local production demands, Dow expanded its plastics manufacturing footprint into Germany, Greece, Spain, Italy, and notably built a significant chemical complex in Terneuzen, Netherlands, in 1965. Additional plants were established in South America (Argentina and Colombia) as well as New Zealand. By 1965, Dow had decentralized its international operations by forming regional headquarters—Dow Europe, Dow Latin America, and Dow Pacific—and created technology centers dedicated to 33 major products to improve responsiveness to regional markets.

Retirement

In 1971, when global sales reached $2 billion, Doan stepped down from active management. Advocating for leadership renewal at the strategic level, he collaborated with Gerstacker to introduce a policy mandating that presidents, CEOs, and board chairpersons retire by age 65 and relinquish their roles by age 60 to encourage fresh perspectives from younger executives. Although he resigned as president at age 48, Doan maintained influence through his continued service on Dow’s Board of Directors and Dow Corning’s board until 1987.

Ben Branch

In 1971, Ben Branch assumed the roles of president and CEO. During his tenure, Dow further extended its global presence, building on its initial overseas subsidiary established in Japan in 1952. The company also broadened its portfolio by entering the consumer goods sector with the launch of Saran Wrap in 1953, capitalizing on its expanding plastics operations to tap into new markets.

Nuclear weapons

Between 1951 and 1975, Dow operated the Rocky Flats Plant near Denver, Colorado, a facility dedicated to producing plutonium triggers for hydrogen bombs. The site experienced contamination problems linked to fires and leakage of radioactive materials, including a notable 1957 fire that dispersed plutonium particles. Control of the plant was transferred to Rockwell International in 1975. In 1990, local residents initiated a class action lawsuit concerning environmental pollution; this was resolved in 2017 with a $375 million settlement. Nonetheless, claims for property damage or personal injury were not substantiated in court.

Vietnam War: napalm and Agent Orange

During the Vietnam War, Dow played a significant role as a producer of napalm B under government contract starting in 1965. When other suppliers withdrew production amid public protests, Dow remained the exclusive manufacturer until 1969, maintaining that its primary responsibility was to fulfill government orders despite facing boycotts and opposition at recruitment events.

Dow also manufactured Agent Orange, a defoliant containing dioxin, at plants located in New Plymouth, New Zealand, and Midland, Michigan. This product was supplied to both British and U.S. military forces during conflicts such as the Vietnam War and the Malayan Emergency. In 2005, victims in Vietnam filed legal action against Dow and Monsanto Co. over exposure to Agent Orange; the case was dismissed. Monsanto subsequently agreed to a $93 million settlement related to a 1949 chemical plant explosion in Nitro, West Virginia, covering environmental cleanup and medical expenses for affected residents. No comparable remediation efforts have been undertaken by Dow at its Midland headquarters.

Dow Corning breast implants

Dow Corning, a joint enterprise between Dow Chemical and Corning Inc., was a leading producer of silicone breast implants. The company faced numerous lawsuits alleging injuries from implant ruptures; however, on October 6, 2005, all outstanding cases in District Court were dismissed. Independent scientific evaluations, including those conducted by the U.S. Institute of Medicine, found no evidence linking silicone breast implants to breast cancer or systemic illnesses.

Bhopal disaster

The 1984 Bhopal catastrophe occurred at a pesticide manufacturing facility owned by Union Carbide India Ltd., a subsidiary of Union Carbide. A gas leak exposed more than half a million people to hazardous chemicals, resulting in 3,787 confirmed fatalities and over 558,000 injuries. In 1989, Union Carbide agreed to settle legal claims with the Government of India for US$470 million. After acquiring Union Carbide in 2001, Dow Chemical has faced continuous demands from activists to address contamination at the site now overseen by Madhya Pradesh state authorities.

DBCP

Up until the late 1970s, Dow produced DBCP (1,2-dibromo-3-chloropropane), a soil fumigant sold under the names Nemagon and Fumazone. Agricultural workers in Latin America filed lawsuits against Dow and Dole Foods alleging sterility and other health complications. Legal battles were complicated by fraudulent activities involving fabricated test data and false plaintiffs. Although courts in Nicaragua awarded damages exceeding $600 million, these sums were never collected. In the United States, a jury granted $3.2 million to plaintiffs in 2007; however, both corporations appealed these rulings. By April 2009, U.S. courts dismissed cases due to lawyer misconduct related to recruiting fraudulent plaintiffs, invalidating billions of dollars in similar judgments.

Tax avoidance controversies

In February 2013, a federal court dismissed two tax shelter arrangements implemented by Dow that generated nearly $1 billion in tax deductions spanning from 1993 to 2003. The court characterized these as "schemes exploiting perceived loopholes in the tax legislation," lacking genuine business justification. Developed by Goldman Sachs and King & Spalding, these arrangements involved a partnership managed from Dow's European headquarters located in Switzerland. Dow affirmed that it had settled all tax liabilities along with accrued interest. The lawsuit, initiated against the IRS to reclaim funds, was appealed to the 5th Circuit Court, which again ruled against Dow's position. Subsequently, Dow sought an en banc review, contending that the ruling contradicted established judicial precedents.

Price manipulation allegations

Dow Chemical was implicated in a price-fixing conspiracy that led to inflated prices for polyurethane products. Although the U.S. Department of Justice concluded its inquiry in 2007 without filing charges, a class-action lawsuit proceeded and resulted in a trial victory in 2013. Dow ultimately resolved the litigation in 2016 by agreeing to an $835 million settlement.

1990s – shift from regional structure to global business units

During the early 1990s, Dow underwent a reorganization transitioning from a regional reporting system to a structure based on global business units. Previously, regional presidents reported directly to the chief executive officer; the revised framework organized operations by product categories worldwide, with vice presidents overseeing their respective facilities globally regardless of geographic location. This reconfiguration improved operational effectiveness and aligned with Dow’s strategic objectives to strengthen its presence in international markets.

DowBrands divestiture

In 1998, S. C. Johnson & Son purchased Dow Chemical's consumer products division known as DowBrands, headquartered in Indianapolis. This portfolio included Home Food Management brands such as Ziploc, Saran, and Handi-Wrap, alongside Home Care Products including Fantastik, Scrubbing Bubbles, and Spray'N Wash. This transaction reflected Dow’s strategic pivot towards focusing on specialty chemicals and industrial materials.

Union Carbide acquisition

In August 1999, Dow announced its acquisition of Union Carbide Corp. for $9.3 billion in stock, positioning itself as the second-largest chemical manufacturer globally after DuPont. The merger prompted shareholder concerns about potential liabilities stemming from the Bhopal disaster.

William S. Stavropoulos, who served as Dow’s president and CEO from 1995 to 2000 and again from 2002 to 2004, spearheaded the Union Carbide takeover. He resigned from his roles as chairman and director in April 2006 following a period characterized by fluctuating financial results and executive transitions. Stavropoulos returned from retirement to replace CEO Mike Parker amid disappointing performance figures, providing strategic guidance during a challenging era for the company.

2006–2008 Restructuring

On 31 August 2006, Dow declared intentions to shut down operations at five sites:

Sarnia, Ontario, Dow’s inaugural Canadian manufacturing facility located in Chemical Valley, originally established in 1942 for styrene production to support WWII synthetic rubber efforts. The site expanded in 1947 with a polystyrene manufacturing unit but encountered environmental challenges, notably a significant chemical spill in 1985. In 1996, corporate headquarters relocated from Sarnia to Calgary, Alberta. Throughout the 1990s and early 2000s, multiple plants were decommissioned, shrinking the workforce from approximately 1,600 to nearly 400 by 2002. A natural gas-fired power plant operated by TransAlta commenced in 2002 to replace outdated steam generation facilities. Due to supply chain inefficiencies and elevated costs, Dow ceased all activities at Sarnia by the close of 2008. The property was sold to TransAlta and rebranded as Bluewater Energy Park, with portions of the site leased for industrial purposes.

A styrene polymer manufacturing facility in Barry (South Wales), instrumental in producing advanced polymers such as Styron A-Tech, was also discontinued.

A production plant located in Porto Marghera (Venice), Italy.

Two manufacturing sites based in Fort Saskatchewan, Alberta, Canada.

In 2006, Dow launched the Business Process Service Center (BPSC) aimed at operational efficiency improvements.

By December 2007, Dow revealed strategic initiatives including exiting the automotive sealers market by 2009 and establishing a joint venture named K-Dow with Petrochemical Industries Co. (PIC), a subsidiary of Kuwait Petroleum Corporation. Under this $9.5 billion agreement, Dow planned to divest 50% stakes in five global segments: polyethylene, polypropylene, polycarbonate plastics, ethylenamines, and ethanolamines. Nonetheless, PIC withdrew from the agreement on 28 December 2008.

These restructuring measures underscored Dow’s commitment to portfolio optimization and strengthening its competitive position amid evolving market conditions.

Rohm & Haas Co. Acquisition

On 10 July 2008, Dow consented to acquire all outstanding common shares of Rohm and Haas Co. for $15.4 billion, equating to $78 per share. The acquisition was funded through $3 billion equity investment from Berkshire Hathaway and $1 billion from the Kuwait Investment Authority. This move was designed to broaden Dow’s specialty chemicals division, which offers superior profit margins and higher entry barriers compared to commodity chemicals. Despite criticism from Wall Street regarding a premium of approximately 75% over Rohm & Haas’s prior market capitalization, the elevated offer was essential to outbid BASF. The transaction finalized on 1 April 2009.

Accelerated Execution

Amid the financial downturn on 8 December 2008, Dow expedited its restructuring plans by announcing closures of 20 facilities, temporary suspension of operations at 180 plants, and workforce reductions totaling 5,000 full-time positions (representing about 11% of employees), alongside eliminating roughly 6,000 contractor roles.

Strategic Disruption

The worldwide recession prompted Kuwait to cancel the K-Dow joint venture on 28 December 2008, disrupting CEO Andrew Liveris’s strategy aimed at reducing Dow’s cyclicality exposure. Subsequently, Dow initiated discussions with alternate potential partners for joint ventures and pursued legal remedies against PIC related to the terminated deal.

Following the collapse of K-Dow, doubts emerged regarding Dow’s capacity to finalize the Rohm & Haas acquisition since funding from K-Dow was anticipated to support it. On 26 January 2009, Dow notified Rohm & Haas of its inability to meet the acquisition deadline due to deteriorating credit markets and the failed partnership. CEO Liveris suggested revising Dow’s longstanding dividend policy; on 12 February 2009, the company reduced its quarterly dividend from $0.42 to $0.15 per share—the first reduction since inception.

After securing preferred stock agreements and extending bridge financing with major shareholders of Rohm & Haas, Dow completed the $15 billion purchase on 9 March 2009 and formally closed the transaction on 1 April 2009.

2007 termination of top executives

On April 12, 2007, Dow terminated executive vice president Romeo Kreinberg and former CFO J. Pedro Reinhard due to "unauthorized communications with external parties regarding a possible company sale." Dow asserted that these executives had covertly engaged with JPMorgan Chase amid speculation about a leveraged buyout. In response, Kreinberg and Reinhard filed lawsuits alleging wrongful dismissal intended to eliminate rivals to CEO Liveris. By June 2008, the dispute was resolved through a settlement where both executives withdrew their claims and acknowledged involvement in undisclosed talks concerning a potential LBO without informing Dow’s board or CEO.

2008 divestiture of zoxamide assets

In 2008, Dow divested its zoxamide fungicide portfolio, which included trademarks such as Gavel (fungicide), transferring these assets to Gowan Company. This fungicide addresses early and late potato blight as well as downy mildew in grapes (excluding British Columbia), primarily serving critical agricultural markets across North America.

2014 restructuring of operational segments

During the fourth quarter of 2014, Dow reorganized its operational segments to sharpen its focus on end-use markets and to better integrate its fundamental value chains—ethylene and propylene—thereby aligning more closely with its strategic business framework and enhancing market agility.

Investments along the U.S. Gulf Coast

Beginning in 2013, Dow committed substantial capital toward constructing new manufacturing facilities on the U.S. Gulf Coast as part of its shift away from naphtha-based feedstocks. These plants are projected to create approximately 3,000 permanent jobs (with up to 5,000 during construction) and will produce materials serving expanding sectors such as hygiene and medical products, transportation, electrical and telecommunications equipment, packaging, consumer durables, and sports and leisure goods.

Dow’s propane dehydrogenation (PDH) plant in Freeport, Texas, was scheduled to commence operations in 2015 with an initial output capacity of 750,000 tonnes annually; plans include further unit additions. Additionally, an ethylene production facility aimed at launching in early 2017 was designed to strengthen Dow’s competitive position in petrochemicals and support its global growth strategy.

Chlorine business merger

On March 27, 2015, Dow and Olin Corporation revealed a definitive agreement to spin off a major segment of Dow's chlorine operations and merge it with Olin. This transaction established an industry leader generating nearly $7 billion in revenue and positioned Olin as the world’s largest chlorine manufacturer.

2015 merger with DuPont and 2019 separation

On December 11, 2015, Dow announced an all-stock merger with DuPont, creating DowDuPont—a $130 billion enterprise equally owned by shareholders from both companies—with dual headquarters in Michigan and Delaware. The combined company planned to split within two years into three independent public entities focusing respectively on agriculture, chemicals, and specialty products. Dow CEO Andrew N. Liveris took on the role of executive chairman while DuPont CEO Edward D. Breen became CEO of the merged firm.

Regulatory approval delays postponed the merger's completion until January 2017. Concurrently, Dow acquired Corning Incorporated’s stake in their joint venture Dow Corning for $4.8 billion in cash plus a 40% interest in Hemlock Semiconductor Corporation.

The separation finalized on April 1, 2019, resulting in Dow Inc. becoming an independent publicly listed company and parent to The Dow Chemical Company. Dow Corning was rebranded as Dow Silicones Corporation, operating as a wholly owned subsidiary under the trade name DOWSIL. In the same year, Dow earned an Adhesives and Sealants Council Innovation Award for its UV Curable Primer technology designed for high-performance footwear applications.

Concentration on higher-margin sectors

Dow Chemical has exited commodity chemical lines, such as basic raw materials used in grocery bags and plastic piping, due to their limited profitability. Since 2015, the company has concentrated on specialty chemicals that deliver profit margins exceeding 20%, aligning with its strategic approach to improve financial outcomes and expand market presence.

Dioxin pollution

In 2006, sediment samples from the Tittabawassee River near Dow's Midland headquarters in Michigan revealed elevated concentrations of carcinogenic dioxins. Although no direct exposure was confirmed among local residents or employees, individuals consuming fish frequently exhibited slightly increased dioxin levels in their bloodstream. By 2007, Dow reached an agreement with the United States Environmental Protection Agency (EPA) to extract 50,000 cubic yards of contaminated sediment from the riverbed and adjacent levees. The following year, Dow collaborated with the EPA and Michigan Department of Environmental Quality to establish a Superfund site aimed at ongoing remediation efforts across the Tittabawassee River, Saginaw River, and Saginaw Bay regions, underscoring Dow’s dedication to environmental responsibility and risk mitigation.

Divestiture of herbicide segment

In December 2015, Dow Chemical divested a portion of its worldwide herbicide portfolio in response to declining revenues. This sale included dinitroaniline-based herbicides marketed under brand names such as Treflan®, Edge®, Team®, Bonalan®, and Sonalan® to Gowan Company, a privately held pesticide manufacturer headquartered in Yuma, Arizona. The transaction involved global trademarks as well as a formulation and packaging facility located in Fort Saskatchewan, Alberta. These herbicides are designed to control annual grasses and small-seeded broadleaf weeds in a variety of crops including cotton, corn, cereals, and vegetables. This strategic move supported Dow’s objective to streamline its product lineup by focusing on core specialty chemical areas to drive business expansion.

Products

Dow is recognized as a major manufacturer of plastics including polystyrene, polyurethane, polyethylene, polypropylene, and synthetic rubber. The company also produces essential chemical intermediates such as ethylene oxide, multiple types of acrylates, surfactants, and cellulose resins. Its product range extends into agricultural chemicals like the pesticide Lorsban as well as consumer goods including Styrofoam. Notably, Dow sold several consumer brands—such as Saran wrap, Ziploc bags, and Scrubbing Bubbles—to S. C. Johnson & Son in 1997.

Performance plastics

Accounting for one-quarter of Dow's revenue, the performance plastics division serves industries including automotive and construction. This category features polyolefins like polyethylene and polypropylene along with polystyrene used in Styrofoam insulation products. Additionally, Dow manufactures epoxy resin precursors such as bisphenol A and epichlorohydrin. The company’s Saran resins and films utilize polyvinylidene chloride (PVDC), reinforcing its leadership position within specialty plastics markets.

Performance chemicals

Making up 17% of total sales, the Performance Chemicals segment delivers materials for applications including water treatment, pharmaceuticals, paper coatings, paints, and advanced electronics. Key offerings include nitroparaffins (such as nitromethane), produced through Dow’s wholly owned subsidiary Angus Chemical Company. Significant polymers in this segment include Dowex ion-exchange resins, acrylic and polystyrene latexes, along with Carbowax polyethylene glycols. These specialized chemicals serve as critical ingredients for agrochemical and pharmaceutical manufacturing processes.

Water purification

Dow Water and Process Solutions (DW&PS) operates as a strategic division focused on Filmtec reverse osmosis membranes designed for potable water treatment. These membranes have been notably utilized across the Middle East and at the 2000 and 2008 Summer Olympic Games. Following the April 2019 spin-off, DW&PS continued as part of DowDuPont, highlighting its integral position within Dow’s worldwide business framework and commitment to sustainable water technologies.

Agricultural sciences

Up until June 2019, Dow AgroSciences manufactured a range of insecticides (such as Lorsban), herbicides, fungicides, and genetically engineered seeds. Its seed portfolio featured brands like Mycogen (covering grain and silage corn, sunflowers, alfalfa, sorghum), Atlas (soybean), PhytoGen (cotton), and in Canada, Hyland Seeds (corn, soybean, alfalfa, navy beans, wheat). This division was separated into Corteva Inc in June 2019.

Basic plastics

Accounting for 26% of total sales, the basic plastics segment produces materials used in items ranging from diaper liners to beverage containers and oil storage tanks. The primary products are derived from key polyolefins including polystyrene (marketed as Styron resins), polyethylene, and polypropylene.

Basic chemicals

Constituting 12% of sales, the basic chemicals segment supplies both Dow’s internal processes and external markets such as dry cleaning, paints, coatings, snow/ice management, and food industries. Core products include ethylene glycol, caustic soda, chlorine, and vinyl chloride monomer (VCM), essential for PVC manufacturing. Additionally, ethylene oxide and propylene oxide derivatives serve as fundamental feedstocks for producing plastics like polyurethane and PET.

Hydrocarbons and energy

Making up 13% of sales, this business unit oversees Dow’s procurement of energy and raw materials including ethylene, propylene, 1,3-butadiene, benzene, and styrene—vital inputs for Dow’s chemical manufacturing activities.

Hand sanitizer

In March 2020, responding to the COVID-19 crisis, Dow increased hand sanitizer production capacity in Europe and provided supplies to hospitals at no cost.

Finances

Sales by business (2023)
Business	Percentage
Packaging and Specialty Plastics	51.9%
Industrial Intermediates and Infrastructure	28.1%
Performance Materials and Coatings	19.0%
Corporate	1.0%

Sales by region (2023)
Region	Percentage
United States	34.4%
Europe, Middle East, Africa and India	32.6%
Asia Pacific	18.5%
Latin America	11.6%
Canada	2.9%

In the fiscal year 2023, Dow reported revenues totaling US$44.9 billion with net earnings of US$0.6 billion. As of September 2018, its shares were valued above $67 each with a market capitalization surpassing US$121 billion.

Year	Revenue (million USD)	Net income (million USD)	Total Assets (million USD)
2016	48,158	4,318	79,511
2017	43,730	465	79,940
2018	49,604	4,641	83,699
2019	42,951	(1,359)	60,524
2020	38,542	1,216	61,470
2021	54,968	6,279	62,990
2022	56,902	4,558	60,603
2023	44,622	578	57,967
2024	42,964	1,116	57,312

Environmental performance

In 2003, Dow agreed to a $2 million settlement with New York State, marking the largest fine in a pesticide-related case, due to unlawful safety claims about its pesticide products. While Dow did not concede any fault, the settlement was reached to circumvent expensive legal proceedings.

The United States Environmental Protection Agency (EPA) identifies Dow as responsible for 96 Superfund hazardous waste locations across the country, including exclusive accountability for a former uranium and vanadium processing site near Uravan, Colorado. Of these sites, remediation construction has been completed at 69 locations, and 15 have been fully restored.

In 2007, Dow earned the American Chemical Council’s 'Exceptional Merit' distinction for energy efficiency after achieving a 22% reduction in energy intensity between 1995 and 2005—an amount of energy sufficient to power eight million American households annually. That same year, Dow Agrosciences received both the United Nations Montreal Protocol Innovators Award and the EPA’s "Best of the Best" Stratospheric Ozone Protection Award for developing alternatives to methyl bromide, a substance known to damage the ozone layer. The following year, in 2008, the EPA recognized Dow as an Energy Star Partner of the Year for outstanding achievements in energy management and greenhouse gas emission reductions.

Reflecting its sustained dedication to sustainability principles integrated within its corporate framework, Dow was included in the Dow Jones Sustainability World Index in December 2022.

Carbon emissions

For the fiscal year ending December 31, 2020, Dow Chemical Company reported combined direct and indirect CO2 equivalent emissions totaling 33,100 kilotonnes—a 2.2% rise compared to the prior year. The company has set a target to lower emissions by 15% by 2030 relative to its 2019 baseline.

Annual Total CO2e Emissions for Dow – Location-Based Scope 1 + Scope 2 (kilotonnes)
December 2018	December 2019	December 2020
36,000	32,400	33,100

Board of Directors

Before merging with DuPont in September 2017, The Dow Chemical Company’s board featured notable executives such as Ajay Banga (CEO of MasterCard), James A. Bell (former CFO of Boeing), Richard K. Davis (CEO of U.S. Bancorp), Jeff Fettig (CEO of Whirlpool), Jim Fitterling (CEO of Dow Inc.), and Andrew N. Liveris (former CEO of Dow), among others.

At present, Dow Inc.’s board consists of ten members with extensive leadership backgrounds across various sectors: Samuel R. Allen (former CEO of Deere & Company), Ajay Banga (MasterCard CEO), Jacqueline Barton (professor at Caltech), James A. Bell (ex-CFO of Boeing), Wesley G. Bush (chairman of Northrop Grumman), Richard K. Davis (CEO of U.S. Bancorp and chairman of Make-A-Wish), Jeff Fettig (former Whirlpool CEO), Jim Fitterling (current CEO of Dow Inc.), Jacqueline Hinman (former CEO of CH2M Hill), Jill S. Wyant (Ecolab EVP and president of global regions), and Daniel W. Yohannes (former U.S. Ambassador to OECD). This composition demonstrates Dow’s focus on integrating industry expertise with global operational oversight into its governance.

Company Presidents

Herbert Henry Dow 1897–1930
Willard H. Dow 1930–1949
Leland Doan 1949–1962
Ted Doan 1962–1971
Ben Branch 1971–1976
Zoltan Merszei 1977–1978
Paul F. Oreffice 1979–1987
Frank Popoff 1987–1995
William S. Stavropoulos 1995–2000, 2002–2004
Mike Parker 2000–2002
Andrew N. Liveris 2004–2018
Jim Fitterling 2018–present

Significant Sponsorships

In July 2010, Dow established a global partnership with the Olympic Games extending until 2020, significantly boosting its worldwide brand recognition and market influence.

Dow secured naming rights for prominent venues in Michigan to strengthen its presence in local markets: the Dow Event Center in Saginaw (since 2004), which hosts various sports and entertainment activities, and the Dow Diamond stadium in Midland (since 2006), home to the Single-A minor league baseball team, the Great Lakes Loons. The Dow Foundation played a key role in relocating the Loons to Midland, underscoring a strategic commitment to community development.

That same year, Dow committed $100 million over a decade in a sponsorship agreement with the International Olympic Committee, which included branding on the Olympic Stadium wrap—an indication of substantial marketing efforts aligned with the company’s growth strategy.

Since 2014, Dow has been sponsoring Austin Dillon’s #3 Chevrolet for Richard Childress Racing in the NASCAR Cup Series, utilizing motorsport partnerships to elevate brand exposure within targeted consumer segments.

Lab Safety Academy

On May 20, 2013, Dow introduced the Dow Lab Safety Academy, an online platform featuring comprehensive video content and resources dedicated to promoting exemplary laboratory safety practices. Primarily designed for university students, this resource aims to foster a culture of safety among future chemical industry professionals while remaining accessible to practitioners across the sector. The academy is also offered through the Safety and Chemical Engineering Education program (an AIChE affiliate) and The Campbell Institute, which specializes in environmental health and safety initiatives.

This effort is part of Dow’s wider laboratory safety program initiated in 2012 following a U.S. Chemical Safety Board report that highlighted hazards in academic chemical laboratories. Dow partnered with U.S. research universities such as UCSB, University of Minnesota, and Penn State to cultivate safer practices by engaging graduate students and faculty within chemistry and engineering departments.

The Nature Conservancy

In January 2011, Dow collaborated with The Nature Conservancy to embed ecological considerations into corporate decision-making processes. Experts from both organizations—including scientists, engineers, and economists—work together at pilot sites across North America, Latin America, and other regions to develop models that quantify ecosystem services like water quality, land health, air purity, oceans, and biodiversity. These “living laboratories” serve as testing grounds for methodologies that guide sustainable business strategies at Dow and aim to influence best practices industry-wide.

Partially Owned Entities

Dow holds partial ownership stakes in several companies including:

EQUATE Petrochemical Co. K.S.C.C.
The Kuwait Olefins Company K.S.C.C.
The Kuwait Styrene Company K.S.C.C.
Map Ta Phut Olefins Company Limited
SCG-DOW Group
Sadara Chemical Company
Dow Toray Co., Ltd. (a joint venture with Toray Industries)

Distinguished Personnel

George Becker, former AFL–CIO vice president and United Steelworkers president; employed at Dow’s aluminum rolling mill in Madison, Illinois.
Buddy Burris, ex-Green Bay Packers athlete; worked at Dow following his football career.
Norman F. Carnahan, chemical engineer at Dow’s Plaquemines Parish division in Louisiana (1965–1968).
Sven Trygve Falck, Norwegian engineer and businessman; served as a Dow engineer in Texas (1967–1970).
Larry Garner, Louisiana blues artist; employed at Dow’s Baton Rouge plant.
Bettye Washington Greene, recognized as Dow’s first African-American female chemist starting in 1965.
Alexandre Hohagen, former public relations director for Dow Chemical Brazil; later advanced to VP roles at Facebook for Latin America and US Hispanic markets.
Zdravko Ježić, Olympic silver medalist who contributed to urethane and oxide polymer innovations at Dow Texas.
Claude-André Lachance, youngest Canadian MP elected before 2011; held position as director of public affairs for Dow Canada.
Ray McIntire, inventor of Styrofoam; joined Dow in 1940 and rose to research director.
Fred McLafferty, pioneer in gas chromatography-mass spectrometry; worked at Dow’s Midland organic chemistry laboratory during the 1950s.
John Moolenaar, Michigan state legislator; previously a chemist employed by Dow.
George Andrew Olah, Nobel laureate in Chemistry (1994); worked at Dow’s Sarnia facility in the late 1950s.
Joseph Overton, political scientist known for conceptualizing the Overton window; held multiple roles at Dow including electrical engineer and project manager.
Forrest Parry, inventor of the magnetic stripe card technology; employed by Dow during the 1950s.
Roy A. Periana, organometallic chemist; conducted research at Dow’s Midland location.
Abu Ammaar Yasir Qadhi, Islamic scholar who worked at Dow after earning a chemical engineering degree from University of Houston.
Abraham Quintanilla Jr., singer-songwriter and former shipping clerk at Dow’s Freeport plant in Texas.
Sheldon Roberts, semiconductor industry pioneer and Silicon Valley founder; formerly a technical researcher at Dow.
Alexander Shulgin, chemist credited with introducing MDMA into psychological research; developed Zectran—the first biodegradable insecticide—while working at Dow during the 1960s.
Mary P. Sinclair, environmental advocate and former technical researcher at Dow.
Huimin Zhao, Centennial Endowed Chair at University of Illinois Urbana-Champaign; led research projects within Dow’s Industrial Biotechnology Laboratory.

External links

Official website
Dow Chemical Company Historical Image Collection – A comprehensive archive of photographs and slides showcasing Dow's plants, operations, and products from the latter part of the 20th century.
Advertisements from the Dow Chemical Historical Collection – A selection of domestic print advertisements, leaflets, and posters representing Dow’s brands spanning 1921 through 1993.