Dow Chemical 2011 Annual Report Download - page 122

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(Unaudited)
The Dow Chemical Company and Subsidiaries
PART II, Item 7. Management’s Discussion and
Analysis of Financial Condition and Results of Operations.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
Page
FORWARD-LOOKING INFORMATION
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements made by or on
behalf of The Dow Chemical Company and its subsidiaries (“Dow” or the “Company”). This section covers the current
performance and outlook of the Company and each of its operating segments. The forward-looking statements contained in this
section and in other parts of this document involve risks and uncertainties that may affect the Company’s operations, markets,
products, services, prices and other factors as more fully discussed elsewhere and in filings with the U.S. Securities and
Exchange Commission (“SEC”). These risks and uncertainties include, but are not limited to, economic, competitive, legal,
governmental and technological factors. Accordingly, there is no assurance that the Company’s expectations will be realized.
The Company assumes no obligation to provide revisions to any forward-looking statements should circumstances change,
except as otherwise required by securities and other applicable laws.
ABOUT DOW
Dow combines the power of science and technology to passionately innovate what is essential to human progress, connecting
chemistry and innovation with the principles of sustainability to help address many of the world’s most challenging problems
such as the need for clean water, affordable housing, healthy foods and renewable energy. Dow’s diversified portfolio 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. In 2011, Dow had annual sales of $60 billion. 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 Feedstocks and Energy.
In 2011, 35 percent of the Company’s sales were to customers in North America; 35 percent were in Europe, Middle East
and Africa (“EMEA”); while the remaining 30 percent were to customers in Asia Pacific and Latin America. The Company
employs approximately 52,000 people and has a broad, global reach with 197 manufacturing sites in 36 countries.
2011 Overview
Acquisition of Rohm and Haas Company
Results of Operations
Segment Results
Electronic and Functional Materials
Coatings and Infrastructure Solutions
Agricultural Sciences
Performance Materials
Performance Plastics
Feedstocks and Energy
Sales Price and Volume Charts
Liquidity and Capital Resources
Other Matters
Critical Accounting Policies
Environmental Matters
Asbestos-Related Matters of Union Carbide Corporation
Matters Involving the Formation of K-Dow Petrochemicals
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