Dow Chemical 2011 Annual Report Download - page 140

46
PERFORMANCE PLASTICS
The Performance Plastics segment includes the following businesses: Dow Elastomers; Dow Electrical and
Telecommunications; Dow Packaging and Converting; Plastics Licensing and Catalyst; Polyethylene; and Polypropylene
(through the September 30, 2011 divestiture). These world-leading businesses provide a broad range of products and solutions
by leveraging Dow’s leading manufacturing and application technology, research and product development expertise, extensive
market knowledge and strong customer relationships. Product applications include adhesives, beverage bottles, disposable
diaper liners, flexible and rigid packaging, toys, plastic pipe, oil tanks, road equipment, and wire and cable insulation and
jacketing materials for power utility and telecommunications. The Performance Plastics segment also includes the results of
Americas Styrenics LLC (through the June 17, 2010 divestiture of Styron), Equipolymers (through the July 1, 2011 merger
with MEGlobal; see Note H to the Consolidated Financial Statements) and Univation Technologies, LLC, as well as a portion
of the results of EQUATE Petrochemical Company K.S.C., The Kuwait Olefins Company K.S.C. and the SCG-Dow Group, all
joint ventures of the Company.
On June 17, 2010, Dow sold Styron to an affiliate of Bain Capital Partners. Businesses sold within the Performance
Plastics segment included Styrenics (polystyrene, acrylonitrile butadiene styrene, styrene acrylonitrile and expandable
polystyrene), a global leader in the production of polystyrene resins; Polycarbonate and Compounds and Blends; and the
Company’s 50-percent ownership interest in Americas Styrenics LLC, a nonconsolidated affiliate; all of which were reported in
the Performance Plastics segment through the date of the divestiture.
On July 27, 2011, the Company entered into a definitive agreement to sell its global Polypropylene business to Braskem
SA; the transaction closed on September 30, 2011. The transaction did not include Dow's Polypropylene Licensing and Catalyst
business. The Polypropylene business was reported in the Performance Plastics segment through the date of the divestiture. See
Note E to the Consolidated Financial Statements for additional information on these divestitures.
Performance Plastics
Actual Results
In millions
Sales
EBITDA
2011
$ 16,257
$ 3,440
2010
$ 15,260
$ 3,565
2009
$ 12,862
$ 2,120
Performance Plastics
2011 Actual Versus 2010 Actual
2010 Actual Versus 2009 Pro Forma
In millions
Sales
Price change from comparative period
Volume change from comparative period
Volume change, excluding divestitures
Equity earnings
EBITDA
Certain items impacting EBITDA
2011
$ 16,257
12 %
(5)%
4 %
$ 303
$ 3,440
$ 86
2010
$ 15,260
20 %
(3)%
4 %
$ 254
$ 3,565
$ 7
2009
$ 13,026
(23)%
(6)%
N/A
$ 101
$ 2,147
$ (120)