Dow Chemical 2011 Annual Report Download - page 46

12
Principal Partly Owned Companies
Dow’s principal nonconsolidated affiliates at December 31, 2011, including direct or indirect ownership interest for each, are
listed below:
• Compañía Mega S.A. – 28 percent – an Argentine company that owns a natural gas separation and fractionation plant,
which provides feedstocks to the Company’s petrochemical plant located in Bahia Blanca, Argentina.
• Dow Corning Corporation – 50 percent – a U.S. company that manufactures silicone and silicone products. See
Note N to the Consolidated Financial Statements for additional information.
• EQUATE Petrochemical Company K.S.C. – 42.5 percent – a Kuwait-based company that manufactures ethylene,
polyethylene and ethylene glycol.
• The Kuwait Olefins Company K.S.C. – 42.5 percent – a Kuwait-based company that manufactures ethylene and
ethylene glycol.
• MEGlobal – 50 percent – a company, headquartered in Dubai, United Arab Emirates, that manufactures and markets
monoethylene glycol, diethylene glycol and polyethylene terephthalate resins.
• The SCG-Dow Group [consisting of Siam Polyethylene Company Limited – 49 percent; Siam Polystyrene Company
Limited – 50 percent; Siam Styrene Monomer Co., Ltd. – 50 percent; Siam Synthetic Latex Company Limited –
50 percent] – Thailand-based companies that manufacture polyethylene, polystyrene, styrene and latex.
• Univation Technologies, LLC – 50 percent – a U.S. limited liability company that develops, markets and licenses
polyethylene process technology and related catalysts.
See Note H to the Consolidated Financial Statements for additional information.
Financial Information About Foreign and Domestic Operations and Export Sales
In 2011, the Company derived 68 percent of its sales and had 50 percent of its property investment outside the United States.
While the Company’s international operations may be subject to a number of additional risks, such as changes in currency
exchange rates, the Company does not regard its foreign operations, on the whole, as carrying any greater risk than its
operations in the United States. Information on sales and long-lived assets by geographic area for each of the last three years
appears in Note Y to the Consolidated Financial Statements, and discussions of the Company’s risk management program for
foreign exchange and interest rate risk management appear in Part I, Item 1A. Risk Factors; Part II, Item 7A. Quantitative and
Qualitative Disclosures About Market Risk; and Note J to the Consolidated Financial Statements.
Protection of the Environment
Matters pertaining to the environment are discussed in Part I, Item 1A. Risk Factors; Part II, Item 7. Management’s Discussion
and Analysis of Financial Condition and Results of Operations; and Notes A and N to the Consolidated Financial Statements.
Employees
Personnel count was 51,705 at December 31, 2011, 49,505 at December 31, 2010 and 52,195 at December 31, 2009. Headcount
increased from year-end 2010 primarily due to the hiring of additional employees to support the Company's growth initiatives.
Personnel count at December 31, 2010 was down from 52,195 at December 31, 2009, primarily due to divestitures, including
Styron, the Powder Coatings business and a portion of the Company’s acrylic monomer and specialty latex businesses, as well
as actions taken related to the integration of Rohm and Haas and previously announced restructuring plans.
Other Activities
Dow engages in the property and casualty insurance and reinsurance business primarily through its Liana Limited subsidiaries.