Dow Chemical 2013 Annual Report Download - page 13
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Streamlining Our Portfolio
Afteracarefulreviewofourportfolio,wetooksteps
in2013tostreamlineourportfoliotowardless-cyclical,
higher-marginbusinesses—goingdeeperandnarrower
intoattractiveend-usemarketssuchaspackaging,
electronics,transportationandagriculture.Additionally,
wearelookingacrosstheCompanytooptimizethe
valueofallofourassets,includingourjointventures.
• Wemadethestrategicdecisiontoexitdownstream
businessesandtheircommensurateupstream
requirementswherecommoditizedreturnsare
lesscompelling.
• Weannouncedtheplannedcarve-outofourglobal
Epoxybusiness,ourglobalChlorinatedOrganics
business,andourChlor-Alkali/Chlor-Vinylbusinessin
theU.S.GulfCoastregion.Together,thesebusinesses
represent$4billionto$5billionintotalannualrevenue
thatweexpecttodivestoverthenext12-24months.
Strengthening Long-Term Competitiveness
In our Coatings and Infrastructure Solutions
segment, we achieved top- and bottom-line gains
in the back half of 2013 – evidence of improving
market fundamentals – together with successful
execution against our restructuring actions. In
addition to our near-term gains, as we look ahead, we
are focusing our attention on strategic investments
and prioritized, customer-focused innovations that
drive dierentiation and long-term growth.
New architectural coatings products improve hiding
properties, stain resistance and the washability
of paint while also addressing demand for more
formulations that use fewer natural resources or
enhance air quality. For example, innovations
such as the waterborne DIRTSHIELD™ technology,
FORMASHIELD™ technology and EVOQUE™ Pre-
Composite Polymer Technology are addressing the
needs for better water resistance, better indoor air
quality and better hiding capabilities.
• WeclosedthesaleofthePolypropyleneLicensing&
CatalystsbusinesstoW.R.Graceforgrossproceedsof
$510million,helpingusrealize$850millioninpretax
proceedsfromthesaleofnon-strategicbusinessesand
assetsin2013.
Together,theseactionsreectourportfolio-management
focus,anddemonstrateourcommitmenttoourstrategy
andourbiastowardlong-termvaluecreation,further
rewardingshareholders.
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