Dow Chemical 2010 Annual Report Download - page 6

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Dear Stockholders,
For a global enterprise like The Dow Chemical Company,
changing course demands resiliency and perseverance.
It requires singular focus and unwavering purpose. And it
calls for a relentless spirit of exploration and implementation.
These qualities have long set generations of Dow people
apart – men and women who have made difficult, bold,
courageous decisions. More recently, these qualities have
enabled the Company to successfully pursue its strategy of
transformational growth and its mission: to passionately
innovate what is essential to human progress by providing
sustainable solutions to our customers.
This strategy began to take shape in earnest several years ago
when your Board of Directors and executive leadership team
took a hard look at the Company’s future. We considered the
transformational impact of the global megatrends that are
revolutionizing our world. And we considered the changes that
Dow needed to make in order to seize the new opportunities
defined by these trends.
Since then, Dow employees have worked hard to implement
these profound changes.
This Company has never been about
staying in one place. We are always
advancing. We are always growing.
We are always innovating. Progress
is a Dow tradition. It is an element
of our DNA.
The Dow Chemical Company
4
Today, we are proud to report that this transformational strategy
is firmly in place and it is delivering clear results. In 2010, we
achieved, and in many cases exceeded, our goals:
•฀฀We฀grew฀revenue฀26฀percent฀excluding฀the฀impact฀of฀divestitures,฀
more than double our 2010 goal of 10 percent, and delivered
gains in every quarter.
•฀฀Our฀growth฀in฀emerging฀regions฀hit฀a฀new฀milestone,฀surpassing฀
$16 billion in revenues for the first time in our Company’s
history. Sales in Asia Pacific topped $9 billion in the year, also
representing an all-time record. And this is only the beginning:
we made investments in Thailand, China, Vietnam, Korea and
elsewhere in this exciting growth region. And we continued to
make significant progress on several mega projects designed to
accelerate our growth in Asia Pacific and the Middle East.
•฀฀We฀expanded฀EBITDA฀margins1 more than 200 basis points at
a Company level and achieved year-over-year EBITDA margin
expansion for seven consecutive quarters, excluding certain items.2