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Dow Inc. is a leading materials science company that operates in high-growth markets such as packaging, infrastructure, mobility, and consumer applications . The company is organized into several business segments, including Packaging & Specialty Plastics, Industrial Intermediates & Infrastructure, and Performance Materials & Coatings . Dow primarily generates revenue through product sales to manufacturers and distributors, accounting for the vast majority of its income . Additionally, Dow engages in licensing arrangements for its patents and technology, contributing to its revenue through sales-based royalties . The company's focus on innovation and sustainability, including low-carbon emissions plastics and recycling efforts, supports its strong position in the global market .
- Packaging & Specialty Plastics - Produces polyethylene and functional polymers used in applications such as lightweighting in cars and extending the shelf life of food.
- Industrial Intermediates & Infrastructure - Focuses on products like polyurethanes and construction chemicals, serving various industrial and infrastructure needs.
- Performance Materials & Coatings - Includes coatings and performance monomers, catering to diverse performance and aesthetic requirements in multiple industries.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Jim Fitterling ExecutiveBoard | Chair and CEO | Board Member at 3M Company | Joined Dow in 1984; became CEO in 2018 and Chair in 2020; led Dow's transformation toward higher-growth markets and sustainability initiatives. | View Report → |
A. N. Sreeram Executive | SVP, Research & Development and CTO | None | Joined Dow in 2013; focuses on innovation, sustainability, and circular economy technologies. | |
Amy E. Wilson Executive | General Counsel and Corporate Secretary | None | Joined Dow in 2013; became General Counsel in 2019; oversees legal and corporate governance. | |
Jeffrey L. Tate Executive | Chief Financial Officer (CFO) | Board Member at Huntington Bancshares Incorporated | Joined Dow in 1992; became CFO in November 2023; key contributor to Dow's capital allocation and sustainability strategies. | |
John M. Sampson Executive | SVP, Operations, Manufacturing & Engineering | None | Joined Dow in October 2020; leads operations strategy, sustainability initiatives, and workplace inclusivity. | |
Karen S. Carter Executive | Chief Operating Officer (COO) | Board Member at Southwire; Chair of Catalyst Board of Advisors; Member of Michigan Black Leadership Advisory Council | Joined Dow in 1994; became COO in December 2024; previously led Packaging & Specialty Plastics and served as CHRO; advocate for sustainability and diversity. | |
Daniel W. Yohannes Board | Director | Director at Xcel Energy Inc. | Joined Dow's board in 2018; former U.S. Ambassador to OECD; expertise in finance, governance, and international trade. | |
Debra L. Dial Board | Director | Director at Hubbell Incorporated | Joined Dow's board in 2021; former Chief Accounting Officer at AT&T; expertise in financial reporting and governance. | |
Gaurdie E. Banister Jr. Board | Director | None | Joined Dow's board in 2020; former CEO of Aera Energy LLC; expertise in energy sector and diversity advocacy. | |
Jacqueline C. Hinman Board | Director | CEO of Atlas Technical Consultants; Director at International Paper and 3M Company | Joined Dow's board in 2021; former CEO of CH2M HILL Companies; expertise in infrastructure and environmental solutions. | |
Jerri DeVard Board | Director | Director at Cars.com, Root, Under Armour, Mastercard, and Wells Fargo; CEO of Black Executive CMO Alliance | Joined Dow's board in 2022; extensive marketing and governance experience; advocate for diversity and inclusion. | |
Jill S. Wyant Board | Director | None | Joined Dow's board in 2020; former CEO of Madison Air; expertise in industrial and healthcare sectors. | |
Luis Alberto Moreno Board | Director | Managing Director at Allen & Co LLC; Director at Nu Holdings Ltd. | Joined Dow's board in 2021; former President of the Inter-American Development Bank; expertise in economic development and public policy. | |
Richard K. Davis Board | Independent Lead Director | Director at Mastercard and Wells Fargo | Joined Dow's board in 2015; became Lead Director in 2021; brings expertise in corporate governance and financial services. | |
Samuel R. Allen Board | Director | Director at Whirlpool Corporation | Joined Dow's board in 2019; former CEO of Deere & Company; expertise in global operations and strategic planning. | |
Wesley G. Bush Board | Director | Director at Cisco Systems and General Motors; Board Member at Conservation International | Joined Dow's board in 2018; former CEO of Northrop Grumman; expertise in aerospace, defense, and cybersecurity. |
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Given the strategic review of select European assets representing about 20% of your EMEA sales in polyurethanes, what specific criteria are you using to decide between divestiture, closure, or other options, and how will these decisions impact your market presence and profitability in Europe?
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Considering the persistent lack of competitive regulatory policy and soft demand in Europe, how do you plan to mitigate the potential negative effects on your revenue and market share during the strategic asset review period extending to mid-2025?
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You mentioned that higher inventories to support sales growth and labor-related supply chain disruptions led to decreased cash flow from continuing operations; can you elaborate on these disruptions and the steps you're taking to improve inventory management and cash flow?
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With the planned shutdown of your propylene oxide unit in Freeport, Texas in 2025 to reduce lower-value merchant exposure, how will this affect your supply chain and ability to meet customer demand, and what strategies are in place to offset this loss of production capacity?
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Despite higher planned maintenance activities and lower integrated margins impacting operating EBIT in certain segments, what concrete actions are you taking to enhance operational efficiency and margins, and how confident are you in achieving significant cost savings through these measures?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
BASF | Mentioned as a key competitor in the Industrial Solutions and Polyurethanes & Construction Chemicals segments. |
Listed as a key competitor in the Industrial Solutions and Polyurethanes & Construction Chemicals segments. | |
Hexion | Identified as a key competitor in the Industrial Solutions segment. |
Recognized as a key competitor in the Industrial Solutions and Polyurethanes & Construction Chemicals segments. | |
INEOS | Listed as a key competitor in the Industrial Solutions, Hydrocarbons & Energy, and Packaging and Specialty Plastics segments. |
Mentioned as a key competitor in the Industrial Solutions, Hydrocarbons & Energy, and Packaging and Specialty Plastics segments. | |
SABIC | Identified as a key competitor in the Industrial Solutions, Hydrocarbons & Energy, and Packaging and Specialty Plastics segments. |
Listed as a key competitor in the Industrial Solutions segment. | |
Recognized as a key competitor in the Industrial Solutions and Hydrocarbons & Energy segments. | |
Arkema | Mentioned as a key competitor in the Polyurethanes & Construction Chemicals and Coatings & Performance Monomers segments. |
Listed as a key competitor in the Polyurethanes & Construction Chemicals segment. | |
Covestro | Identified as a key competitor in the Polyurethanes & Construction Chemicals segment. |
Wanhua | Recognized as a key competitor in the Polyurethanes & Construction Chemicals segment. |
Mentioned as a key competitor in the Coatings & Performance Monomers segment. | |
Evonik | Listed as a key competitor in the Coatings & Performance Monomers segment. |
Wacker Chemie | Identified as a key competitor in the Coatings & Performance Monomers and Consumer Solutions segments. |
Elkem | Recognized as a key competitor in the Consumer Solutions segment. |
Momentive | Mentioned as a key competitor in the Consumer Solutions segment. |
Listed as a key competitor in the Consumer Solutions segment. | |
Chevron Phillips Chemical | Identified as a key competitor in the Hydrocarbons & Energy segment. |
Recognized as a key competitor in the Hydrocarbons & Energy and Packaging and Specialty Plastics segments. | |
Mentioned as a key competitor in the Hydrocarbons & Energy segment. | |
Borealis | Listed as a key competitor in the Packaging and Specialty Plastics segment. |
Lanxess | Identified as a key competitor in the Packaging and Specialty Plastics segment. |
Nova | Recognized as a key competitor in the Packaging and Specialty Plastics segment. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Circulus Holdings, PBLLC | 2024 | Dow acquired Circulus Holdings, PBLLC for approximately $130 million in cash, with the transaction announced on June 20, 2024 and closed on August 1, 2024. The acquisition, which includes two recycling facilities in Ardmore, Oklahoma and Arab, Alabama (with a combined capacity of 50,000 metric tons per year), supports Dow's 2030 Transform the Waste goal by enhancing its portfolio of high-performance circular products and is expected to contribute $500 million in incremental EBITDA by 2030, with assets including property valued at $74 million, intangible technology and know-how valued at $22 million, and $36 million allocated to goodwill. |
Recent press releases and 8-K filings for DOW.
- Dow Inc. reported Q1 2025 net sales of $10.4 billion (down 3% YoY) with six consecutive quarters of YoY volume growth and 2% sequential volume growth.
- Mixed operating performance with a GAAP net loss of $290 million, GAAP operating EBIT of $230 million, and adjusted EBITDA of $944 million.
- The company is executing aggressive cost-saving measures by targeting $1 billion in savings by 2026 and implementing a $6B cost and cash support plan through asset sales, cost initiatives, and delaying its Path2Zero project.
- Strategic moves include reviewing European polyurethanes assets—initially identifying 3 assets to idle or shut down—and advancing a strategic transaction expected to yield $2.4 billion with potential additional proceeds of $600 million.
- CapEx adjustments saw a reduction of approximately $1B through delaying Path2Zero, with a revised outlook lowering CapEx to $2.5B from $3.5B.
- Enhanced liquidity with the issuance of $1B in bonds and expected near-term cash support from asset sales and legal recoveries exceeding $1B.
- Dow returned $494 million in dividends, underscoring its commitment to shareholder distributions.
- Declared a quarterly dividend of 70 cents per share, payable on June 13, 2025, marking the 455th consecutive dividend since 1912.
- Elected new Board members including Samuel R. Allen, Gaurdie E. Banister Jr., and others, and re-elected Richard K. Davis as independent lead director for a one-year term.
- Approved key stockholder resolutions on executive compensation and the ratification of Deloitte & Touche LLP as the independent auditor for 2025.
- Financial Discipline & Cash Flow Enhancements: Dow highlighted its commitment to financial discipline by issuing debt-neutral senior unsecured notes and advancing a sale of minority stakes in U.S. Gulf Coast assets, while expecting NOVA judgment proceeds to exceed $500 million as a key 2025 cash flow tailwind.
- Cost Reduction Initiatives: The company is executing an additional $1 billion cost reduction program—targeting productivity improvements and a reduction of approximately 1,500 roles (building on a prior 2023 program)—to deliver about $300 million in benefits in 2025.
- European Asset Rationalization: Dow is evaluating its European footprint amid structural challenges, including energy consumption levels that are 20–25% below pre-COVID averages and energy costs that are 4–5 times higher than in North America, with further decisions expected in upcoming calls.
- Low Carbon Investment Strategy: Dow outlined its Alberta Path2Zero project as a first-mover opportunity to deliver a low to zero-carbon product with potential premium pricing (over $100 per ton) and returns in the 15+% range, supported by additional cash flow levers such as the Macquarie transaction.
- Maintaining strong liquidity and disciplined debt management with approximately $12B in liquidity, including over $2B in cash and equivalents, and no significant debt maturities until 2027.
- Executing strategic cost reductions with a target of $1B in annualized cost cuts across 2025-2026 and planned operational improvements, including a $300MM 2025 EBITDA benefit and planned capex reductions.
- Emphasizing capital allocation priorities, including a dividend policy targeting around 45% of operating net income and share repurchases to offset dilution, alongside steps like executing a $1B bond issuance to optimize the liability profile.
- Dow Inc., via its subsidiary TDCC, announced pricing terms for its cash tender offer to purchase debt securities of TDCC, Rohm and Haas, and UCC for an aggregate of $1.0 billion, excluding accrued interest.
- The pricing includes specific details for multiple series, such as the 0.500% Notes Due 2027 and 7.850% Debentures Due 2029, with Total Consideration amounts provided and a proration factor applied to the 7.375% Debentures Due 2029.
- Key dates were highlighted: the Early Participation Date on March 10, 2025, and the Early Settlement Date on March 13, 2025, indicating that only selected tendered securities will be accepted due to purchase cap constraints.
- TDCC, a wholly-owned subsidiary of Dow Inc, announced the early results of its cash tender offer to purchase specific debt securities of its subsidiaries, including Rohm and Haas and Union Carbide Corporation.
- The tender offer saw $1.101 billion in principal amount tendered in USD and €504 million in euros tendered (and not withdrawn) as of the Early Participation Date.
- Accepted tenders will be settled on March 13, 2025, with holders receiving the Total Consideration along with accrued interest, following satisfaction of all offer conditions.
- Dow Inc. announced the issuance and sale of a total of $1.0 billion in notes through an underwriting agreement executed on February 25, 2025 and completed on March 11, 2025.
- The offering comprised $400 million 5.350% Notes due 2035 and $600 million 5.950% Notes due 2055, supported by legal opinions and detailed in the related exhibits.